Mr Lainson Died This Year on a Date When the Total

question 45

Multiple Choice

Mr. Lainson died this year on a date when the total FMV of his property was $12 million and his debts totaled $450,000. His executor paid $15,000 of funeral expenses and $50,000 of accounting and legal fees to settle the estate. Mr. Lainson bequeathed $1 million to Villanova University, $200,000 to the Lutheran church, and $3.5 million to his surviving spouse. He left the remainder of the estate to his children. Compute Mr. Lainson's taxable estate.

• A) $10.285 million
• B) $10.735 million
• C) $7.985 million
• D) $6.785 million