At the time of her death, Amber owns property worth $5,000,000. Other information regarding her affairs is as follows. $\begin{array}{llr}
\text { Unpaid pledge to the building fund of her church } &\$50,000\
\text { College graduation gift she had promised her grandson} &20,000\
\text { Local property taxes owed (accued prior to death) } &100,000\
\text { Casualty loss to uninsured vacati on home (fire occurred one month before death) } &500,000\
\text { Mortgage owed on personal residence } &800,000\
\end{array}$
?
All of these items (except the casualty loss) were paid by her estate, and none were deducted on Form 1041 (income tax return of the estate). What is Amber's taxable estate?

Question

At the time of her death, Amber owns property worth $5,000,000. Other information regarding her affairs is as follows. $\begin{array}{llr}
  \text { Unpaid pledge to the building fund of her church  } &\$50,000\
 \text {  College graduation gift she had promised her grandson} &20,000\
 \text { Local property taxes owed (accued prior to death) } &100,000\
 \text {  Casualty loss to uninsured vacati on home (fire occurred one month before death)  } &500,000\
 \text { Mortgage owed on personal residence } &800,000\
\end{array}$
 ?
All of these items (except the casualty loss) were paid by her estate, and none were deducted on Form 1041 (income tax return of the estate). What is Amber's taxable estate?

Quizplus · Accepted Answer

The Answer of At the time of her death, Amber owns property worth $5,000,000. Other information regarding her affairs is as follows. $\begin{array}{llr}
  \text { Unpaid pledge to the building fund of her church  } &\$50,000\
 \text {  College graduation gift she had promised her grandson} &20,000\
 \text { Local property taxes owed (accued prior to death) } &100,000\
 \text {  Casualty loss to uninsured vacati on home (fire occurred one month before death)  } &500,000\
 \text { Mortgage owed on personal residence } &800,000\
\end{array}$
 ?
All of these items (except the casualty loss) were paid by her estate, and none were deducted on Form 1041 (income tax return of the estate). What is Amber's taxable estate?

At the Time of Her Death, Amber Owns Property Worth