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Last Year in 2017, Mr Carter made $8,000,000 of taxable gifts. In addition to this amount he made $3,000,000 of gifts to charity, $50,000 of educational expenses to University of Penna on behalf of his nephew and $30,000 of medical expenses to Johns Hopkins on behalf of his niece. Lastly he and his wife made 5 annual exclusions of $30,000 a piece to their 5 children. Prior years gifting from 2008 to 2016 totaled $20,000,000 and he has paid $8,000,000 in gift taxes so far Unfortunately, Mr Carter just passed away last month and his total estate was valued at $60,000,000. There were some last expenses of $100,000 to cover taxes, fees and administrative costs and $10,000,000 of this estate amount was distributed to his wife. Thus, with all these gift and estate numbers, calculate his final estate tax.
As a management trainee at the Continental Packaging Company, you are currently assigned to the office of the operations manager, Jim Hartman. Your job is to help him and to learn all you can about your chosen career. Today you receive what you regar..
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