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United States Estate (and Generation-Skipping Transfer)
Tax Return Assignment 2
This is the second of 3 tax returns that you will be preparing in this course. This second return will assess your ability to properly assess taxes for an estate.AaronThompson of 725Midwest Ave, Omaha, NE68107died on November24, 2016. He was survived by his wife, Rachel, and their son, John. At the time of his death, Aaron was employed by a microchip manufacturer as a staff accountant. The executor reports that he has discovered the property listed below.
Automobile in Aaron’s name
$22,000
Qualified retirement plan funded by Aaron’s employer
800,000
Stocks in public companies in the name of Aaron
1,300,000
Checking account, Aaron and Rachel, joint tenants with right of survivorship
10,200
Undeveloped land (not leased or farmed) in the name of Aaron
4,400,000
Face value of term life insurance policy on Aaron’s life
2,000,000
Other information includes the following:
1. Aaron’s funeral expenses were $8,000 and the estate’s administrative expenses were $32,000.
2. The estate paid state estate taxes of $45,000.
3. Aaron willed his stocks to Rachel and the rest of his property to John.
4. Rachel is the beneficiary of the retirement plan.
5. Aaron owned the life insurance policy, and his estate is the beneficiary.
6. Aaron made his only taxable gift, $6 million taxable amount, in December 2013 and paid all the gift taxes from an account solely in his name.
7. Aaron owed $13,200 on a car loan
8. Assume the estate’s marginal income tax rate will be 33%.
Prepare an estate tax return (Form 706) for Aaron Thompson. A fill-in 2016 706 PDF form can be found in Assignment Instructions.
Save the tax return in PDF format, with your last name in the filename, and submit the PDF file. As a hint, only applicable schedules have been included in the PDF form.
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