Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom’s will directed his executor to distribute his cash and stock to his wife, Kaffie, the real estate to his church, The First Church of Methodology, and the remainder of his assets were to be placed in trust for his three children. Tom’s estate consisted of the following:

Personal assets $ 800,000
Cash and stock 24,000,000
Intangible assets (film rights) 71,500,000
Real estate 15,000,000
$ 111,300,000
Mortgage $ 3,200,000
Other liabilities 4,100,000
$ 7,300,000

Tom made a taxable gift of $8 million in 2011. Compute the estate tax for Tom’s estate. (Reference the tax rate schedule in Exhibit 25-1 and the Unified Credit schedule in Exhibit 25-2 to answer this problem.)

Gross estate: 111,300,000
Marital Deduction: (24,000,000)
Charitable deduction: (15,000,000)
Debts: (7,300,000)
Taxable Estate: 65,000,000
Prior Taxable Gifts: 8,000,000
Cumulative taxable transfers: 73,000,000

Tentative Tax
Current Tax On Adjustable Gifts
Gross Estate Tax:

Unified Credit:

Estate Tax Due: