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Exam HS330 Topic 1 Question 381 Discussion

Actual exam question for American College's HS330 exam
Question #: 381
Topic #: 1
A married man died this year leaving a gross estate of $2,750,000. Some additional facts concerning his estate are:
*Administration expenses and debts $ 150,000
*Marital deduction 750,000
*Applicable credit amount (2005) 555,800
*Applicable exclusion amount (2005) 1,500,000
*State death taxes payable 22,200
Under the Unified Rate Schedule for computing estate taxes if the amount with respect to which the tentative tax to be computed is over $1,000,000 but not over $1,250,000, the tentative tax is $345,800, plus 41 percent of the excess of such amount over $1,000,000. If the amount is over $1,250,000 but not over $1,500,000, the tentative tax is then $448,300, plus 43 percent of the excess of such amount over $1,250,000. If the amount is over $1,500,000 but not over $2,000,000 the tentative tax is then $555,800 plus 45% of the excess of such amount over $1,500,000. Based on these facts, the net federal estate tax payable is

Suggested Answer: B Vote an answer

by Letitia at Oct 21, 2024, 04:04 AM

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