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Business, 26.02.2020 05:53 E1nst31n44

Clay, who was single, died in 2015 and has a gross estate valued at $8,500,000. six months after his death, the gross assets are valued at $9,000,000. the estate incurs funeral and admin expenses of $125,000. Clay had debts amounting to $150,000 and bequeathed all of his estate to his children. During his life, lay made no taxable gifts.
Required:
A) What is the amount of Clay’s taxable estate?B) What is the tax base for computing Clay’s estate tax?

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Clay, who was single, died in 2015 and has a gross estate valued at $8,500,000. six months after his...
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