Register
Sam died with a gross estate equal to $3,000,000. In his will, Sam provided for the following outright transfers: $1,000,000 to his wife; $1,000,000 to his daughter; and $1,000,000 to charity. What is
175k views
1 vote
Sam died with a gross estate equal to $3,000,000. In his will, Sam provided for the following outright transfers: $1,000,000 to his wife; $1,000,000 to his daughter; and $1,000,000 to charity. What is Sam's taxable estate for estate tax purposes?

User Reza Mazarlou
by
5.9k points

1 Answer

4 votes

Answer:

$0

Step-by-step explanation:

In 2018, one individual could give up to $5.6 million in gifts before any estate or gift taxes were applied. This means that Sam would not have to pay a single penny to the government as long as his will does not exceed $5.6 million.

User Charles R
by
5.4k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.2m questions

8.2m answers

Other Questions

Why do objects used as money need to be in limited supply
When a producer owns an intermediary at the next level down in the marketing channel, it is referred to as _________. a. forward integration b. backward integration c. vertical channel connection d. horizontal
Which of the following is not how a pro forma financial statement is used A. to analyze the effects of the firms forecasts on its financial performance B. to determine the amount of money needed for a
Describe a time when you or someone you know chose not to conform to the behavior of others. Why do you think this person chose not to conform
An owner decides to sell his property and discovers that there is a lien on his title for a swimming pool he paid off 10 years ago. the pool company is out of business. what is the owner to do?
Link Copied!