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Q: Gerald Wilkins owns a home worth $250,000, a car worth $15,000, various investments worth $600,000 and other personal assets worth $25,000. He still owes $125,000 on his mortgage and $5,000 on a car
loan. The probate and administration costs of his estate are estimated at $5,000. What is his estimated net taxable estate? Answer $850,000 $870,000 $875,000 $755,000 $760,000
A: (250,000+15,000+600,000+25,000)-(125,000+5,000+5,000)=755,000. The net taxable estate is $755,000.
Expert answered|debnjerry|Points 44000|
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Asked 2/15/2013 2:49:09 PM
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