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Real estate $ 5,000,000
Cash, stocks & bonds 1,500,000
Personal property 200,000

The real estate is subject to a $1,700,000 mortgage and Nathan made taxable gifts in 2005 totaling $2 million at which time he claimed the maximum unified credit of $345,800 and paid gift tax of $435,000. What is the amount of his estate tax due?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945446

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