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Walt dies intestate (i.e., without a will) in the current year with a gross estate valued at $4,000,000. Under applicable state law, Walt's property passes to Kelly and to Belle in that order. Kelly has an estimated net worth of $3,000,000 while Belle's is zero. From a tax planning standpoint, what course of action might be advisable?
Agricultural Resources
Inputs used in the production of agricultural goods, such as land, labor, capital, and raw materials.
Free World Trade
The international exchange of goods and services without restrictive tariffs, quotas, or other trade barriers.
Tariffs and Quotas
Tools used by governments in international trade policy; tariffs are taxes on imported goods, while quotas are limits on the quantity of goods that can be imported.
Agricultural Imports
Goods related to agriculture brought into a country from abroad.
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