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

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Definitions:

Persecution

The systematic mistreatment of an individual or group by another group, often due to religious, political, or ethnic differences.

Atomic Bomb

A weapon of mass destruction that releases energy through nuclear reactions, either fission or a combination of fission and fusion.

Japan

An island nation in East Asia, known for its rich cultural heritage, advanced technology, and significant economic power.

American Economy

The American economy refers to the economic system of the United States, characterized by diverse industries, advanced technology, and a high level of consumption.