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What is estimated net taxable estate

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Problem 1: Tom Cook owns a home worth $300,000, a car worth $15,000, various investments worth $600,000 and other personal assets worth $30,000. He still owes $175,000 on his mortgage and $10,000 on a car loan. The probate and administration costs of his estate are estimated at $5,000. What is his estimated net taxable estate?

A. $850,000
B. $870,000
C. $875,000
D. $755,000
E. $760,000

Reference no: EM132961026

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