Part II: Calculation of estate taxes. Use Worksheet 15.1 Download Worksheet 15.1. When Pablo...

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Accounting

Part II: Calculation of estate taxes.

Use Worksheet 15.1 Download Worksheet 15.1. When Pablo Gonzalez died unmarried in 2018, he left an estate valued at $7,850,000. His trust directed distribution as follows: $20,000 to the local hospital, $160,000 to his alma mater, and the remainder to his three adult children. Death-related costs and expenses were $16,800 for funeral expenses, $40,000 paid to attorneys, $5,000 paid to accountants, and $30,000 paid to the trustee of his living trust. In addition, there were debts of $125,000. Use Worksheet 15.1 and Exhibits 15.7 Download Exhibits 15.7 and 15.8 Download 15.8 to calculate the federal estate tax due on his estate.

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