When Jacob Kohler died unmarried in 2015, he left an estate valued at 7,900,000. His trust directed distribution as follows: $19,000 to the local hospital, $150,000 to his alma mater, and the remainder to his 3 children. Death-related costs and expenses were $15,100 for funeral, $30,000 paid to attorneys, $6,500 paid to accountants, and $35,000 paid to the trustee of his living trust. In addition, debts of $115,000. Calculate the federal estate tax due on his estate.
When Jacob Kohler died unmarried in 2015, he left an estate valued at 7,900,000. His trust directed distribution as follows: $19,000 to the local hospital, $150,000 to his alma mater, and the remainder to his 3 children. Death-related costs and expenses were $15,100 for funeral, $30,000 paid to attorneys, $6,500 paid to accountants, and $35,000 paid to the trustee of his living trust. In addition, debts of $115,000. Calculate the federal estate tax due on his estate.
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 28CE
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When Jacob Kohler died unmarried in 2015, he left an estate valued at 7,900,000. His trust directed distribution as follows: $19,000 to the local hospital, $150,000 to his alma mater, and the remainder to his 3 children. Death-related costs and expenses were $15,100 for funeral, $30,000 paid to attorneys, $6,500 paid to accountants, and $35,000 paid to the trustee of his living trust. In addition, debts of $115,000. Calculate the federal estate tax due on his estate.
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