Answered: om Hruise was an entertainment | bartleby

Administration Of Wills/Trusts/ And Estates

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter8: Trusts

Section: Chapter Questions

Problem 2CTD

See similar textbooks

Related questions

Question

Please do not give solution in image format ?

Required information
Problem 25-50 (LO 25-3) (Algo)
[The following information applies to the questions displayed below.]
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to
distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The
remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following:
Assets:
Personal assets
Cash and stock
Intangible assets (film rights)
Real estate
Liabilities:
Mortgage
Other liabilities
Problem 25-50 Part a (Algo)
$ 1,240,000
24,700,000
75,000,000
15,700,000
$116,640,000
Estate Tax Due
$ 3,900,000
4,800,000
$ 8,700,000
a. Tom made a taxable gift of $5.80 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.)
Note: Enter your answers in dollars, not millions of dollars.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Blurred answer

Similar questions

! Required information [The following information applies to the questions displayed below.] Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,580,000 25,800,000 80,500,000 16,800,000 $ 124,680,000 $ 5,000,000 5,900,000 $ 10,900,000 a. Tom made a taxable gift of $6.90 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars. Estate Tax Due
! 2 ed ok t Required information [The following information applies to the questions displayed below.] Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,040,000 24,200,000 72,500,000 15,200,000 $ 112,940,000 $ 3,400,000 4,300,000 $ 7,700,000 ces a. Tom made a taxable gift of $5.30 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars. Estate Tax Due
2 k t nces Required information Problem 14-50 (LO 14-3) (Algo) [The following information applies to the questions displayed below.] Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities Problem 14-50 Part a (Algo) $ 1,130,000 25,300,000 78,000,000 16,300,000 $ 120,730,000 Estate Tax Due $ 4,500,000 5,400,000 $ 9,900,000 a. Tom made a taxable gift of $6.40 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars.
Problem 25-50 (LO 25-3) (Static) [The following information applies to the questions displayed below] Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 800,000 24,000,000 71,500,000 15,000,000 $ 111,300,000 $ 3,200,000 4,100,000 $ 7,300,000 Problem 25-50 Part a (Static) a. Tom made a taxable gift of $8 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2) Note: Enter your answers in dollars, not millions of dollars. Estate Tax Due
Problem 25-50 (LO 25-3) (Algo) [The following information applies to the questions displayed below.] Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,210,000 25,000,000 76,500,000 16,000,000 $ 118,710,000 $ 4,200,000 5,100,000 $ 9,300,000 Problem 25-50 Part a (Algo) a. Tom made a taxable gift of $6.10 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars.
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets. Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,780,000 24,300,000 73,000,000 15,300,000 114,380,000 $ 3,500,000 4,400,000 $ 7,900,000 Estate Tax Due $ a. Tom made a taxable gift of $5.40 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars.
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,520,000 26,200,000 82,500,000 17,200,000 $ 127,420,000 Estate Tax Due $ 5,400,000 6,300,000 $ 11,700,000 Problem 25-50 Part a (Algo) a. Tom made a taxable gift of $7.30 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2) Note: Enter your answers in dollars, not millions of dollars.
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: Assets: Personal assets Cash and stock Intangible assets (film rights) Real estate Liabilities: Mortgage Other liabilities $ 1,020,000 25,900,000 81,000,000 16,900,000 $ 124,820,000 $ 5,100,000 6,000,000 $ 11,100,000 a. Tom made a taxable gift of $7.00 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2) Note: Enter your answers in dollars, not millions of dollars. Estate Tax Due
Jerry Tasch’s will has the following provisions: $150,000 in cash goes to Thomas Thorne. All shares of Coca-Cola go to Cindy Phillips. Residence goes to Kevin Simmons. All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri. Prepare journal entries for the following transactions: Discovered the following assets (at fair value): Collected interest of $7,000. Paid funeral expenses of $20,000. Discovered debts of $40,000. Located an additional savings account of $12,000. Conveyed title to the residence to Kevin Simmons. Collected life insurance policy. Discovered additional debts of $60,000. Paid debts totaling $100,000. Conveyed cash of $150,000 to appropriate beneficiary. Sold the shares of Polaroid for $112,000. Paid administrative expenses of $10,000.
Jerry Tasch’s will has the following provisions:∙ $150,000 in cash goes to Thomas Thorne.∙ All shares of Coca-Cola go to Cindy Phillips.∙ Residence goes to Kevin Simmons.∙ All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri.Prepare journal entries for the following transactions:a. Discovered the following assets (at fair value): Cash . . . . . . . . . . . . . . . . . . . . $ 80,000Interest receivable . . . . . . . . . . . 6,000Life insurance policy . . . . . . . .300,000Residence . . . . . . . . . . . . . . . . 200,000Shares of Coca-Cola Company . . . . . . . . . . . . . . . . . 50,000Shares of Polaroid Corporation . . . . . . . . . . . . . . . . . 110,000Shares of Ford Motor Company . . . . . . . . . . . . . . . . 140,000 b. Collected interest of $7,000.c. Paid funeral expenses of $20,000.d. Discovered debts of $40,000.e. Located an additional savings account of $12,000.f. Conveyed title to the residence to Kevin…
A resident decedent died leaving the following property. In his last will, he stated to donate the industrial land to a religious organization and restricted to be used for program expenses of the latter.*Cash in Bank-1,000,000.00 *Receivables from his ex-girlfriend-500,000.00 *Car from a rent a Car services-200,000.00 *House and Lot in Ayala-2,000,000.00 *Motor registered the name in his son- 180,000.00 *Industrial Land - 800,000.00 1. Determine the Gross Estate of the decedent: ___________
Accounting In January 2020, Mrs. Cristiflor Buduhan, a widow and a Filipino citizen, executed a last will and testament regarding some of her assets as follows: I nheritance FMV at time of death Heirs_____________ Real property P4,000,000 Christopher (her son) Jewelries 1,000,000 Cristeta (her daughter) Car 200,000 Crisistomo (driver) In November 1, 2020, Mrs. Buduhan, died. Not included in her last will and testament was her 40% interest in EGV partnership amounting to P5,000,000 at the time of her death. Her undistributed income from partnership was P3,000,000 as of November 1, 2020. Actual expenses incurred during the interment are funeral, P200,000, and judicial, P100,000. Also there is an unpaid mortgage on the real property amounting to P300,000. How much estate will be given to Christopher? How much estate will be given to Cristeta? How much estate will be given to Crisostomo?

SEE MORE QUESTIONS

Recommended textbooks for you

Administration Of Wills/Trusts/ And Estates

Administration Of Wills/Trusts/ And Estates

Finance

ISBN:

9781285281308

Author:

Brown

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

Administration Of Wills/Trusts/ And Estates

Administration Of Wills/Trusts/ And Estates

Finance

ISBN:

9781285281308

Author:

Brown

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SEE MORE TEXTBOOKS