On his deathbed chester chubb gave his live-in maid, Ask an Expert

Accounting

On his deathbed, Chester Chubb gave his live-in maid $1,213,000 of listed bonds, incurring a gift tax liability of $90,000. After Chester expired, the executor of his will fi led a gift tax return and remitted the gift tax to the IRS.

(a.) How is the gift reported on the estate tax return?

(b.) How is the gift tax reported on Form 706?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9409998

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