Compute the undervaluation penalty for each of the following independent cases involving the executor's reporting of the value of a closely held business in the decedent's gross estate.In each case,assume a marginal estate tax rate of 45%.
Definitions:
Embryonic Stage
The period in prenatal development from the second to the eighth week after fertilization, during which major organs and structures of the organism begin to develop.
Fetal Stage
The developmental period in pregnancy from the ninth week after fertilization until birth, when significant growth and maturation of the fetus occur.
Phenotype
The set of observable characteristics of an individual resulting from the interaction of its genotype with the environment.
Genotype
The underlying combination of genetic material present (but not outwardly visible) in an organism.
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