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Suppose Samantha dies this year with a gross estate of $15 million and no adjusted...

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Accounting

Suppose Samantha dies this year with a gross estate of $15 million and no adjusted prior gifts. Calculate the amount of estate tax due (if any) under the following scenarios:

  1. Samanthas husband, Mark, is the sole beneficiary.
  2. Mark receives $10 million from the estate and the remainder is donated to the American Red Cross.
  3. Mark receives $10 million from the estate and their son, Luke, receives $5 million.
  4. Mark receives $10 million and $5 million is placed in a trust. The trustee is required to pay income to Mark for her life and the remainder to their son, Luke.

Part B Submission Requirements:

  • Submit with all calculations shown.

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