Josh Drake died on May 1,2014.He left his entire estate,with a fair value of $6,200,000 to his sole surviving family member,his daughter,DeeDee.
Prior to any distribution of assets,Josh's estate reflected the following details:
$$\begin{array} { l l }
\text { Funeral expenses } & \$ 11,300 \
\text { Expcutor's fees } & 10,800 \
\text { Estate liabilities } & 14,000 \
\text { Final medical expenses } & 40,700
\end{array}$$ Required:
Calculate the federal estate tax on Mr.Drake's estate.You may ignore any state-level inheritance taxes and assume that the federal estate tax rate is 45%.

Question

Josh Drake died on May 1,2014.He left his entire estate,with a fair value of $6,200,000 to his sole surviving family member,his daughter,DeeDee.
Prior to any distribution of assets,Josh's estate reflected the following details:
 $$\begin{array} { l l } 
\text { Funeral expenses } & \$ 11,300 \
\text { Expcutor's fees } & 10,800 \
\text { Estate liabilities } & 14,000 \
\text { Final medical expenses } & 40,700
\end{array}$$ Required:
Calculate the federal estate tax on Mr.Drake's estate.You may ignore any state-level inheritance taxes and assume that the federal estate tax rate is 45%.

Quizplus · Accepted Answer

The Answer of Josh Drake died on May 1,2014.He left his entire estate,with a fair value of $6,200,000 to his sole surviving family member,his daughter,DeeDee.
Prior to any distribution of assets,Josh's estate reflected the following details:
 $$\begin{array} { l l } 
\text { Funeral expenses } & \$ 11,300 \
\text { Expcutor's fees } & 10,800 \
\text { Estate liabilities } & 14,000 \
\text { Final medical expenses } & 40,700
\end{array}$$ Required:
Calculate the federal estate tax on Mr.Drake's estate.You may ignore any state-level inheritance taxes and assume that the federal estate tax rate is 45%.

Josh Drake Died on May 1,2014 Required: Calculate the Federal Estate Tax on Mr

Josh Drake Died on May 1,2014 Required:
Calculate the Federal Estate Tax on Mr