Mr. Lainson died this year on a date when the total FMV of his property was $12 million and his debts totaled $450,000. His executor paid $15,000 of funeral expenses and $50,000 of accounting and legal fees to settle the estate. Mr. Lainson bequeathed $1 million to Villanova University, $200,000 to the Lutheran church, and $3 million to his surviving wife. He left the remainder of the estate to his children. Compute Mr. Lainson's taxable estate.

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The Answer of Mr. Lainson died this year on a date when the total FMV of his property was $12 million and his debts totaled $450,000. His executor paid $15,000 of funeral expenses and $50,000 of accounting and legal fees to settle the estate. Mr. Lainson bequeathed $1 million to Villanova University, $200,000 to the Lutheran church, and $3 million to his surviving wife. He left the remainder of the estate to his children. Compute Mr. Lainson's taxable estate.

Mr Lainson Died This Year on a Date When the Total