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nignag [31]
3 years ago
8

Mr. Lainson died this year on a date when the total FMV of his property was $12 million and his debts totaled $450,000. His exec

utor paid $15,000 of funeral expenses and $50,000 of accounting and legal fees to settle the estate. Mr. Lainson bequeathed $1 million to Villanova University, $200,000 to the Lutheran church, and $3.5 million to his surviving spouse. He left the remainder of the estate to his children. Compute Mr. Lainson's taxable estate.
Business
1 answer:
Kitty [74]3 years ago
5 0

Based on the information given about Mr. Lainson, the taxable estate of the year will be $7,785,000.

The taxable estate for Mr Lainson will be calculated thus:

  • FMV $12 million
  • Less: Debt $450000
  • Less: Funeral expense $15000
  • Less: Legal fees $50000
  • Less: Donation ($3.5 million + $200000) = $3.7 million
  • Taxable estate = $7,785,000

The taxable estate of the year will be $7,785,000.

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brainly.com/question/25641251

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