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The decedent, Z, died this year. The facts concerning Z estate are:
Gross estate $3,200,000
Marital deduction $1,100,000
Charitable deduction 80,000
Gifts made after 1976 115,000
State death taxes payable 215,000
What is Z taxable estate?
Suggested Answer: C
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15 comments · newest first
WE
Weldon
2 months ago
I just hope I remember the formulas correctly during the exam.
LU
Luann
2 months ago
Right! That’s why I calculated it carefully.
GR
Gregoria
2 months ago
Yeah, but don’t forget the gifts made after 1976. They reduce the estate.
WE
Weldon
3 months ago
I’m leaning towards $1,805,000. The state taxes play a big role too.
LU
Luann
3 months ago
I think the taxable estate is $1,690,000. Marital and charitable deductions matter.
GR
Gregoria
3 months ago
This question is tricky. I feel unsure about the deductions.
CH
Charlette
3 months ago
Really? I thought the taxable estate would be higher than that!
ME
Meaghan
3 months ago
Wait, how do the gifts after 1976 affect this?
LO
Loren
4 months ago
I think the taxable estate is closer to $1,690,000.
GE
Gerald
5 months ago
Don't forget the marital deduction of $1,100,000!
FR
Frederica
5 months ago
Gross estate is $3,200,000.
FR
Francesco
6 months ago
I’m leaning towards option B, but I’m not completely confident about how the deductions interact with each other.
BU
Burma
6 months ago
Wait, do we add the gifts made after 1976 to the taxable estate? I feel like that was a tricky part in the examples we went over.
AV
Avery
6 months ago
I remember a practice question where we had to calculate the taxable estate, and I think we just added the state death taxes to the deductions.
ZO
Zona
6 months ago
I think we need to subtract the marital and charitable deductions from the gross estate, but I'm not sure how the gifts factor in.