Reference no: EM13950511
Determination of estate tax. Charles Kamp, a divorced person, died in 20X5 with an estate consisting of assets valued at $7,008,000 and liabilities of $380,000. Charles's will contained the following provisions:
a. Robert Sullivan would serve as executor of the estate and trustee for the Kamp Children Trust.
b. Timberland with a market value of $560,000 would be placed in a charitable remainder trust. The income from the trust would accrue to the bene?t of his sister Marsha Kamp Rodriquez. Income would be reduced by the depletion charge associated with the number of board feet of lumber harvested.
c. Securities with a value of $25,000 would be given to the Milwaukee Art Museum, recog- nized as a charitable organization.
d. Securities with a value of $600,000 would be given to his married daughter, Maria Kamp Wilson.
e. $180,000 to each of his three best hunting friends to be paid from the proceeds of the sale of Charles's investment in hunting land in Alaska. The hunting land was valued at $475,000 and subsequently sold for $480,000.
f. $3,940,000 to his long-time friend Ernest Kampmeyer.
g. Proceeds from the life insurance policy with a death bene?t of $1,200,000 would be placed in a trust for the bene?t of Charles's two minor children.
Administrative and funeral expenses associated with Charles's estate totaled $30,000. Charles's income tax returns for the year of death reported unpaid federal and state income taxes of $13,000.
1. Assuming the uni?ed transfer tax rates set forth in the text and a uni?ed credit for 2009, determine the amount of estate tax due on Charles Kamp's estate.
2. Prepare a schedule showing the amounts and recipients of general legacies.
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