Determine the taxable estate value of Mr. D.

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Chapter 19, Problem 35P

To determine

Determine the taxable estate value of Mr. D.

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After the death of Lennie Pope, his will was read. It contained the following provisions:∙ $110,000 in cash goes to decedent’s brother, Ned Pope.∙ Residence and other personal property go to his sister, Sue Pope.∙ Proceeds from the sale of Ford stock go to uncle, Harwood Pope.∙ $300,000 goes into a charitable remainder trust.∙ All other estate assets are to be liquidated with the cash going to Victoria Jones.a. Prepare journal entries for the following transactions that subsequently occur:(1) Discovered the following assets (at fair value): Cash . . . . . . . . . . . . . . . . . . . . $ 19,000Certificates of deposit .. . . . . .90,000Dividends receivable . . . . . . . . . 3,000Life insurance policy . . . . . . . . 450,000Residence and personal effects . . . . . . . . . . . . . . . . 470,000Shares of Ford Motor Company . . . . . . . . . . . . . . . . 72,000Shares of Xerox Corporation . . . . . . . . . . . . . . . . . . . 97,000 (2) Collected life insurance policy.(3) Collected dividends…

Donna Stober's estate has the following assets (all figure approximate fair value): Investments in stocks and bonds $1,552000 House 756,000 Cash 74,900 Investment land 60,800 Automobiles (three rare vehicles) 59,000 Other assets 108,000 The house, cash, and other assets are left to the decendent's spouse. The investment land is contributed to a charitable organization. The automobiles are to be given to the decendent's brother . The investments in stocks and bonds are to be put into a turst fund. The income generated by this trust will go to the decendent's spouse annually until all of the couple's children have reached the age of 25. At that time, the…