Home / Questions / Aaron Thompson of 725 Midwest Ave Omaha NE 68107 died on November 24 2016 He was survived ...
Aaron Thompson of 725 Midwest Ave, Omaha, NE 68107 died on November 24, 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.
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