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CTT Answer Season 1

The document lists assets and liabilities for two estates. The first estate has total assets of $13,730,000 and deductions of $615,000, leaving $13,115,000 after deductions. The taxable estate is $3,057,500 with an estate tax rate of 183,450. The second estate has total assets of $12,930,000 and deductions of $615,000, leaving $12,315,000 after deductions. The taxable estate is $2,657,500 with an estate tax rate of 159,450.

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80 views

CTT Answer Season 1

The document lists assets and liabilities for two estates. The first estate has total assets of $13,730,000 and deductions of $615,000, leaving $13,115,000 after deductions. The taxable estate is $3,057,500 with an estate tax rate of 183,450. The second estate has total assets of $12,930,000 and deductions of $615,000, leaving $12,315,000 after deductions. The taxable estate is $2,657,500 with an estate tax rate of 159,450.

Uploaded by

ucc second year
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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EXCLUSIVE COMMUNITY

CAR 1,200,000.00
LAND 6,000,000.00
RECEIVABLE FROM PICPA 50,000.00
REVOCABLE INSURANCE 150,000.00
CONDO 4,000,000.00
SAVINGS DEPOSIT 800,000.00
OTHER PERSONAL PROPERTIES 1,500,000.00
CLAIMS AGAINST INSOLVENT PERSON 30,000.00
7,200,000.00 6,530,000.00
LESS DEDUCTIONS
ORDINARY
CLAIMS AGAINST INSOLVENT PERSON 30,000.00
UNPAID MORTGAGE - LAND 200,000.00
UNPAID MORTGAGE - CONDO 350,000.00
ACCRUED INCOME TAXES 35,000.00
200,000.00 415,000.00
SPECIAL DEDUCTIONS 6,115,000.00
SHARE OF SURVIVING SPOUSE
STANDARD
FAMILY HOME
TAXABLE ESTATE
ESTATE TAX RATE

EXCLUSIVE COMMUNITY
CAR 1,200,000.00
LAND 6,000,000.00
RECEIVABLE FROM PICPA 50,000.00
REVOCABLE INSURANCE 150,000.00
CONDO 4,000,000.00
SAVINGS DEPOSIT
OTHER PERSONAL PROPERTIES 1,500,000.00
CLAIMS AGAINST INSOLVENT PERSON 30,000.00
7,200,000.00 5,730,000.00
LESS DEDUCTIONS
ORDINARY
CLAIMS AGAINST INSOLVENT PERSON 30,000.00
UNPAID MORTGAGE - LAND 200,000.00
UNPAID MORTGAGE - CONDO 350,000.00
ACCRUED INCOME TAXES 35,000.00
200,000.00 415,000.00
ESTATE AFTER ORDINARY DEDUCTIONS 5,315,000.00
SPECIAL DEDUCTIONS
SHARE OF SURVIVING SPOUSE
STANDARD
FAMILY HOME
TAXABLE ESTATE
ESTATE TAX RATE

SAVING DEPOSIT
TOTAL
1,200,000.00
6,000,000.00
50,000.00
150,000.00
4,000,000.00
800,000.00
1,500,000.00
30,000.00
13,730,000.00 #1

TOTAL
30,000.00
200,000.00
350,000.00
35,000.00
615,000.00
13,115,000.00
3,057,500.00
5,000,000.00
2,000,000.00 #2
3,057,500.00 #3
183,450.00 #4

TOTAL
1,200,000.00
6,000,000.00
50,000.00
150,000.00
4,000,000.00
-
1,500,000.00
30,000.00
12,930,000.00

TOTAL
30,000.00
200,000.00
350,000.00
35,000.00
615,000.00
12,315,000.00
2,657,500.00
5,000,000.00
2,000,000.00
2,657,500.00
159,450.00 #5

800,000.00
48,000.00 #6

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