An unmarried person who passed away last week had the following line items. Compute (1)...
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Accounting
An unmarried person who passed away last week had the following line items. Compute (1) The dollar amount of estate taxes due to the IRS. (2) The dollar amount of assets available for distribution to heirs. Show your work and highlight your final answers.
Charitable deduction = $2 million
Cumulative taxable lifetime gifts = $3 million
Debt = $1.5 million
Estate admin expenses = $600,000
Estate-tax-free transfer threshold = $11.70 million (in the year of death)
Funeral expenses = $500,000
Gross estate = $40 million
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