The date of death for a widow was 2008. If the estate was valued at $2,129,000 and the estate was taxed at 45 percent, what was the heir's tax liability? (Do not round intermediate calculations.) Exemption Amounts 2006-2008 $2,000,000 2009 $3,500,000 2010 Repeal (no estate tax) 2011 $1,000,000 Estate tax liability $4930 X

The date of death for a widow was 2008. If the estate was valued at $2,129,000 and the estate was taxed at 45 percent, what was the heir's tax liability? (Do not round intermediate calculations.) Exemption Amounts 2006-2008 $2,000,000 2009 $3,500,000 2010 Repeal (no estate tax) 2011 $1,000,000 Estate tax liability $4930 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hw.145. Francisco paid the following taxes in 2022: !"$6,000 property taxes on their personal residence !"$500 property taxes on their personal automobile !"$3,000 property taxes on business property !"$10,000 federal income taxes !"$5,000 state income taxes !"$6,000 employment (FICA) taxes !"$2,000 sales/use tax What amount of taxes can Francisco deduct as an itemized deduction in 2022? What amount of taxes could Francisco deduct as an itemized deduction if the taxes were paid in 2026?