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Roland had a taxable estate of $15.5 million when he died this year. Calculate the amount...

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Finance

Roland had a taxable estate of $15.5 million when he died thisyear. Calculate the amount of estate tax due (if any) under thefollowing alternatives.

a. Roland’s prior taxable gifts consist of a taxable gift of $1million in 2005.

Estate tax due?

b. Roland’s prior taxable gifts consist of a taxable gift of$1.5 million in 2005.

Estate tax due?

c. Roland made a $1 million taxable gift in the year prior tohis death.

Estate tax due?

Answer & Explanation Solved by verified expert
4.4 Ratings (643 Votes)
a Estate tax due in 2005 21280 million The exemption for gifts in 2005 is 1 million Roland has no tax for adjusted taxable gifts associated with the 2005 transfer Calculations are below Adjusted taxable gifts 1 million Taxable estate 155 million Cumulative taxable transfers 165 million Tax on cumulative taxable transfers based on 40 tax rate 65458 million Gift tax payable    See Answer
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Transcribed Image Text

Roland had a taxable estate of $15.5 million when he died thisyear. Calculate the amount of estate tax due (if any) under thefollowing alternatives.a. Roland’s prior taxable gifts consist of a taxable gift of $1million in 2005.Estate tax due?b. Roland’s prior taxable gifts consist of a taxable gift of$1.5 million in 2005.Estate tax due?c. Roland made a $1 million taxable gift in the year prior tohis death.Estate tax due?

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