Weilin's gross estate was valued at $4,870,000 when he died in 2017. His estate paid administration expenses of $100,000 and funeral expenses of $25,000. Weilin left $50,000 to Georgia State University and $500,000 in a qualifying terminable interest property trust for his second wife. If Weilin had made $1,500,000 of prior taxable gifts in 2014, paying a gift tax of $175,000 on these gifts, how much estate tax would the estate have had to pay in 2017?

Question

Quizplus · Accepted Answer

The Answer of Weilin's gross estate was valued at $4,870,000 when he died in 2017. His estate paid administration expenses of $100,000 and funeral expenses of $25,000. Weilin left $50,000 to Georgia State University and $500,000 in a qualifying terminable interest property trust for his second wife. If Weilin had made $1,500,000 of prior taxable gifts in 2014, paying a gift tax of $175,000 on these gifts, how much estate tax would the estate have had to pay in 2017?

Weilin's Gross Estate Was Valued at $4,870,000 When He Died