Section 6166(b)(6) Adjusted Gross Estate Computation - Example 1 | |
| This is a regular section 6166(b)(6) adjusted gross estate computation without any complications. The return is filed on the statutory return due date and the non-deferred tax is paid with the return. | |
| Feb-17-2016 | Date of death |
| Nov-17-2016 | Estate tax return due date and return filing date. |
| Section 6166(b)(6) Adjusted Gross Estate Computation - Example 1 | ||||||
|---|---|---|---|---|---|---|
| Gross estate | 50,000,000.00 | |||||
| Schedule J - | ||||||
| A. | Funeral expenses | 25,000.00 | ||||
| B. | 1. | Executors' commissions | 1,000,000.00 | |||
| 2. | Attorney fees | 1,400,000.00 | ||||
| 3. | Accountant fees | 415,000.00 | ||||
| 4. | Miscellaneous | |||||
| a. | Appraisals | 250,000.00 | ||||
| b. | Utilities | 14,375.00 | ||||
| c. | Other | 1,215.00 | ||||
| Total Schedule J | 3,105,590.00 | |||||
| Schedule K - Debts | ||||||
| Debts of decedent | 144,535.00 | |||||
| Schedule K - Mortgages and Liens | ||||||
| Mortgages | 876,550.00 | |||||
| Total Schedule K | 1,021,085.00 | |||||
| Total Schedules J and K debts and expenses | 4,126,675.00 | |||||
| Allowable amount of deductions | 4,126,675.00 | |||||
| Schedule L - Net Losses | 0 | |||||
| Schedule L - Expenses on property not subject to claims | 0 | |||||
| Total Schedules J, K, and L debts and expenses | 4,126,675.00 | 4,126,675.00 | ||||
| Section 6166(b)(6) adjusted gross estate | 45,873,325.00 | |||||
Section 6166(b)(6) Adjusted Gross Estate Computation - Example 1 ยง6166(a)(2) Ratio Computation | ||||
| Section 6166 business value, divided by | 37,500,000.00 | |||
| Section 6166(b)(6) adjusted gross estate, yields | 45,873,325.00 | |||
| Section 6166(a)(2) ratio - maximum amount of tax which may be paid in installments | 0.817469 | |||