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​Morgan, a​ widow, recently passed away. The value of her assets at the time of death...

​Morgan, a​ widow, recently passed away. The value of her assets at the time of death was $9,896,000. The cost of her funeral was $6,680​, while estate administrative costs totaled ​$37,235. As stipulated in her​ will, she left $927,726 to charities. Based on this information answer the following​ questions:

a. Determine the value of​ Morgan's gross estate.

b. Calculate the value of her taxable estate.

c. What is her​ gift-adjusted taxable estate​ value?

d. Assuming she died in 2017​, how much of her estate would be subject to​ taxation?

e. Calculate the estate tax liability.

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Answer #1

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