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Marital deduction allowed to john estate

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Reference no: EM131318188

John dies with an estate valued at $3 million which is comprised of the following assets: $1 million home; $1 million IRA; and $1 million of cash. John's wife is the owner and the beneficiary of a $1 million insurance policy on John's life. The ASPCA is the beneficiary of John's IRA. John's will provides that upon his death, ½ of his assets will pass to his wife, with the remaining assets passing to the ASPCA. John dies in 2006.

  • What is the value of the marital deduction allowed to John's estate?
  • What is the value of John's charitable deduction?
  • What credits are available to reduce John's estate tax liability?
  • I. Marital deduction.
  • II. Charitable deduction.
  • III. Administration expenses. (more than one may apply)

Reference no: EM131318188

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