the marital deduction) that is computed based on the size of the gross estate
must be recomputed to take into account the exclusion of such value from the gross estate
to properly determine the Sec.
total gross estate
increased slightly to $388,987, and the net estate tax liability increased to about $11.
To qualify for this relief, the asset(s) must be (a) a closely held business engaged in an active trade or business within the meaning of the Code, (b) included in the decedent's gross estate
and (c) have a value greater than 35% of the adjusted gross estate
Gross assets, deductions from gross estate
, including the charitable deduction, and tax computation information are reported on the Federal estate tax return, making the return a rich source of data on wealthy taxpayers.
2041(a)(2) provides that a decedent's gross estate
will include the value of any property over which he held a general power of appointment at the time of death.
27) Specifically, whether a gift is a completed gift for purposes of federal gift tax laws under Chapter 12 of the Code or whether an asset is included in a decedent's gross estate
for purposes of federal estate tax laws under Chapter 11 of the Code.
In addition to taking gift tax charitable deductions and efficiently removing property from their gross estates
, taxpayers could take income tax deductions for charitable contributions, although the deductions may be limited by factors such as the donor's adjusted gross income and the specific status of the charitable recipients.
5 million or more in total gross estate
held a combined $13.
The large estates made charitable contributions that, calculated as a percentage of gross estates
, ranged from two to almost three times the contributions made by smaller estates.
More than 16 percent of estates with gross estates
of less than $2.
stocks, bonds or mutual funds, these items most likely will be includible in their gross estates
, whether or not they are domiciled in the U.
For estate tax purposes, the value of property included in gross estate
, including real property, is generally the fair market value based on property's potential "highest and best use.