FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Donna Stober's estate has the following assets (all figure approximate fair value):

Investments in stocks and bonds                               $1,552000

House                                                                           756,000

Cash                                                                              74,900

Investment land                                                            60,800

Automobiles (three rare vehicles)                                 59,000

Other assets                                                                  108,000

The house, cash, and other assets are left to the decendent's spouse. The investment land is contributed to a charitable organization. The automobiles are to be given to the decendent's brother . The investments in stocks and bonds are to be put into a turst fund. The income generated by this trust will go to the decendent's spouse annually until all of the couple's children have reached the age of 25. At that time, the trust will be divided evenly among the children.

The following amounts are paid prior to distribution and settlement of the estate: funeral expenses of $20,400 and estate administration expenses $10,600.

What value is to be reported as the taxable estate for federal estate tax purposes?                                                                                                                                 

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