Gabriel Had a Taxable Estate of $6 Million When He

question 55

Essay

Gabriel had a taxable estate of $6 million when he died in 2017.Calculate the amount of estate tax due (if any)if Gabriel made prior taxable gifts in 2005 totaling $1 million at which time he claimed an applicable credit of $1 million and paid no tax.Gabriel was unmarried at his death.(Use Exhibit 14-1)

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Definitions:

Used Car Dealership

A business that specializes in selling pre-owned vehicles to consumers.

Lower Income Children

Children from families with income levels significantly below the national median, potentially facing financial hardship and limited access to resources.

Central America

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Nonprofit

Organizations primarily aimed at serving public or community interests, operating without the intention of making profits for owners or shareholders.