Upon Jimmy Rays death, the following assets were valued: Fair Market Value ...
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Accounting
Upon Jimmy Rays death, the following assets were valued:
Fair Market Value
Personal belongings $ 450,000
Investments in stocks and bonds 17,300,000
Insurance proceeds on a policy on his life.
His niece is the beneficiary. Jimmy Ray
possessed the right to change beneficiaries,
which was never exercised. 600,000
Corpus of a trust. Jimmy Ray possessed the
right to appoint the ownership of the trusts
corpus and income only to his children. 900,000
In addition, Jimmy Ray had personal debts of $60,000 and his estate incurred funeral expenses of $15,000 and legal/accounting fees of $35,000 (not deducted on the fiduciary income tax return). Jimmy Rays will provides for $200,000 bequest to the American Heart Association, with all other assets passing to his children. Compute Jimmy Rays taxable estate.
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