Question

Assuming Darrin died on 12/31/22, calculate his gross estate (assume statement of financial position is as of 12/31/22).

a) $0 (no gross estate)
b) $10,000
c) $50,000
d) $100,000

Answer 1

To calculate Darrin's gross estate, detailed financial information on his assets and liabilities at the time of his death is required. Without this, it is not possible to determine the value of his estate from the options provided.

Step-by-step explanation:

The subject of the question pertains to calculating an individual's gross estate for estate tax purposes. The gross estate of a deceased person typically includes all property, real and personal, tangible and intangible, wherever situated. To calculate Darren's gross estate value upon his death on 12/31/22, one would need to have information regarding his assets, liabilities, and any other relevant financial information as of 12/31/22. Without this information being provided in the question, it is impossible to accurately determine the value of Darren's gross estate from the options given (a) $0, (b) $10,000, (c) $50,000, (d) $100,000).