At his death in 2020, Nathan owned the following property:
The real estate is subject to a $2,025,000 mortgage and Nathan made taxable gifts in 2009 totaling $3.8 million, at which time he offset the gift tax with an applicable credit (exemption equivalent of $3.8 million). Nathan has never been married. What is the amount of his estate tax due? (Use Exhibit 14-1.)

Question

At his death in 2020, Nathan owned the following property:
  The real estate is subject to a $2,025,000 mortgage and Nathan made taxable gifts in 2009 totaling $3.8 million, at which time he offset the gift tax with an applicable credit (exemption equivalent of $3.8 million). Nathan has never been married. What is the amount of his estate tax due? (Use Exhibit 14-1.)

Quizplus · Accepted Answer

The Answer of At his death in 2020, Nathan owned the following property:
  The real estate is subject to a $2,025,000 mortgage and Nathan made taxable gifts in 2009 totaling $3.8 million, at which time he offset the gift tax with an applicable credit (exemption equivalent of $3.8 million). Nathan has never been married. What is the amount of his estate tax due? (Use Exhibit 14-1.)

At His Death in 2020, Nathan Owned the Following Property