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Example 3
This is a simple extension of the second sample computation. In this computation, one additional factor will be added. The additional data for this computation is simple: The specific bequests to others have to bear the federal and state tax based upon an apportionment which is based upon the ratio of $250,000 to the taxable estate. Step 1Open the program by double clicking on the icon if it is not already open. Step 2Click on the File menu and select the Open option. In the Open dialog box select the file you saved above, "Sample2". When it is loaded, go to the File menu and select Save As to save the file under a new name. Save it under the name "Sample3".
Notice that the name on the title bar has changed to "Sample3" showing that the new name was accepted. Step 3We must change the entry for the residue computation. Click on the Deduct button on the Case Bar to the left of the DeskTop. this will bring up the Deductions Tab Sheet with the Marital Tab Page selected. Click on the Residue Tab to go to the Residue Tab Page. Select the Complex button. In the complex input dialog box click on the box to select this option. Then in the list box with the series of usable expenses listed you should double click on federal estate tax. When the complex item entry screen for federal estate tax appears Tab down to the 'All But' Numerator and enter 250,000. The hit Enter to return to the complex input dialog box. Then repeat the process for the State tax. In the list box with the series of usable expenses listed you should double click on state tax. When the complex item entry screen for state tax appears Tab down to the 'All But' Numerator and enter 250,000. The hit Enter to return to the complex input dialog box. Click on OK to return to the Residue Tab Sheet. Click on OK again to return to the main output window. In the output window the federal estate tax is $124,008.64 and the charitable deduction is $62,635.57. Step 4We have finished this computation. The next thing to to is to save this file. Click the Save Button on the Tool Bar or from the File menu select Save. Check your answer against the program output shown below.
Program OutputEstate of: Joe Blow, Sr., DD: 6 15 1985
Memorandum: A third sample computation (use complex)
File Name: D:\TEST\EST3\Sample3.ET3, (Standard Output)
Inter-Est Version 3.00, Release 00
Date and time of run: Friday, December 22, 1995, 02:21 PM
COMPLEX FOR RESIDUE COMPUTATION SECTION
Numerator will be fixed dollar amount
Denominator is taxable estate
Numerator Numerator
Fixed Indeterminate 'All But'
Percent Fraction Fraction
Federal, Estate Tax 0.0000000 % 0.00 250,000.00
Federal, Additional Tax 0.0000000 % 0.00 0.00
Federal, GST Tax, Part 3 0.0000000 % 0.00 0.00
Texas, Tax 0.0000000 % 0.00 250,000.00
Texas, 2207A Reimb. 0.0000000 % 0.00 0.00
Federal, 2207A Reimb. 0.0000000 % 0.00 0.00
Interrelated Fees & Comm. 0.0000000 % 0.00 0.00
Expense Allocation Table
Total Allocated to
Expense this Section
Federal, Estate Tax 124,008.64 85,370.14
Federal, Additional Tax 0.00 0.00
Federal, GST Tax, Part 3 0.00 0.00
Texas, Tax 22,913.49 15,774.12
Texas, 2207A Reimb. 0.00 0.00
Federal, 2207A Reimb. 0.00 0.00
Interrelated Fees & Comm. 0.00 0.00
Total Expenses from Table Charged to this Item 101,144.26
RESIDUE SECTION
Gross Estate 900,000.00
Specific Beq. (ex. MD & CD) before Residue <250,000.00>
Pre-residuary to Marital 0.00
Pre-residuary to Charitable <12,500.00>
1041 Expenses Charged to Residue 0.00
Sch. JK&L not Charged to Residue 0.00
Sch. JK&L (before interrelated) <35,000.00>
Expense from Expense Allocation Table <101,144.26>
Net Residue 501,355.74
CHARITABLE DEDUCTION SECTION
Specific Bequests to Charity 12,500.00
Percent of Residue to Charity 10.0000000 %
Charitable Bequests from Residue 50,135.57
Charitable Deduction 62,635.57
MAIN PRINTOUT SECTION
Gross Estate 900,000.00
Debts & Expenses 35,000.00
Marital Deduction 0.00
Charitable Deduction 62,635.57
Total Deductions 97,635.57
Taxable Estate 802,364.43
Adjusted Taxable Gifts 0.00
Total Amount Drawing Tax 802,364.43
Tentative Tax 268,722.13
Aggregate Gift Tax Paid 0.00
Tax before Unified Credit 268,722.13
Unified Credit from Table 121,800.00
Adjustment to Unified Credit 0.00
Net Unified Credit 121,800.00
Tax before SDTC 146,922.13
State Death Tax Credit 22,913.49
Net Tax after State Death Tax Credit 124,008.64
Gift Tax Credit 0.00
Foreign Death Tax Credit (Statutory) 0.00
Prior Transfer Credit 0.00
Foreign Death Tax Credit (Treaty) 0.00
Total Credits 0.00
Estate Tax 124,008.64
Generation Skipping Transfer Tax 0.00
Increased Estate Tax 0.00
Total Federal Tax 124,008.64
STATE TAX COMPUTATION SECTION - Texas State Tax Computation based upon SDTC, All Computed State Tax 22,913.49
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