Question

Zac Peterson’s estate reports the following information:

Value of estate assets	$	2,360,000
Conveyed to spouse		1,030,000
Conveyed to children		233,000
Conveyed to trust fund for benefit of cousin		515,000
Conveyed to charities		263,000
Funeral expenses		26,000
Administrative expenses		44,000
Debts		249,000

What is the taxable estate value?

Answer 1

Ans: As per the law any amount that is conveyed to children or any time of fund to minor under the age of 18 are not conveyed to any inheritance and remittance. therefore amount $233,000 and $ 515000 are not included in taxable value

Particulars	Amount ($)
value of Estate assets	2,360,000
conveyed to spouse	(1,030,000)
conveyed to charities	(263000)
Funeral expenses	(26000)
Administrative expenses	(44000)
Debt expense	(249000)
Taxable value	748000