question archive Julie had a gross estate of $13 million when she died in 2019
Julie had a gross estate of $13 million when she died in 2019
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Julie had a gross estate of $13 million when she died in 2019. Her funeral expenses were $26,000; her administrative expenses were $30,000; her charitable deduction was $350,000; and her marital deduction was $600,000. She made no prior taxable gifts. What is her net estate tax liability?
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Date of death: July 1, 2019
Gross estate Value: $130,00000
Debts $ estate administrative expenses: $56,000
Total amount given to qualified charities: $350,000
Total amount given to the surviving spouse: $600,000
Taxable estate value: $11,994,000
2019 exclusion amount: $5,490,000
Amount taxed: $6,504,000
2018 tax rate 40%
Tax due: $ 2,601,600
