REFERENCE: Ref.19_02 The Provisions of a Will Currently Undergoing Probate Are: "Two

question 72

Multiple Choice

REFERENCE: Ref.19_02
The provisions of a will currently undergoing probate are: "Two thousand shares of Dorn stock to my son;$30,000 in cash from my savings account to my brother;$50,000 in cash to my daughter;and any remaining property divided equally between my son and daughter."
-Assume that Bob Smith dies on May 25,2008.Mr.Smith's assets include the following: ABC Stock costing $30,000 but valued at $40,000;a house costing $280,000 but valued at $620,000;life insurance in the amount of $600,000;and cash from various sources totaling $50,700.Three credit cards in Mr.Smith's name had balances totaling $8,530 on the date of death.The estate paid funeral and final medical expenses in the amount of $50,492.There were no charitable gifts designated by the will,and Mr.Smith was single at the time of his death.What is the amount of the taxable estate?

• A)$901,678.
• B)$1,251,678.
• C)$1,268,738.
• D)$1,310,700.
• E)$2,000,000.

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Definitions:

Sterilizing (Autoclave)

A process of killing all microorganisms, including spores, on tools or equipment by using high pressure and steam in a device known as an autoclave.

Boiling

The rapid vaporization of a liquid when it is heated to its boiling point.

Tachycardia

A heart condition presenting with rapid beating, exceeding the normal resting rate, especially highlighting its impact on health when persistent.

Bradycardia

A slower than normal heart rate, typically defined as fewer than 60 beats per minute in adults.