Compute the estate tax for toms estate

Reference no: EM133475216

Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his wife, Kaffie, and the real estate to his church, The First Church of Methodology. The remainder of his assets were to be placed in trust for his three children. Tom's estate consisted of the following:

Assets:
Personal assets $ 1,340,000
Cash and stock 26,400,000
Intangible assets (film rights) 83,500,000
Real estate 17,400,000
$ 128,640,000
Liabilities:
Mortgage $ 5,600,000
Other liabilities 6,500,000
$ 12,100,000

Question: Tom made a taxable gift of $7.50 million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and Exhibit 25-2.)

Reference no: EM133475216

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