Calculating the Taxable Estate

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This intermediate-level course builds on the first course in this series, Determining the Gross Estate. This course covers the estate tax deductions and credits available for calculating the taxable estate for federal estate tax purposes. Specifically, the course covers I.R.C. §§ 2053 and 2054 deductions, the marital and charitable deductions, as well as the applicable credit amount (formerly referred to as the unified credit). The course concludes with a brief overview of the obligations and personal liability of the executor. This course is based on BNA Estates, Gifts, and Trusts Portfolios 832-2nd Estate Tax Payments and Liabilities: Sections 6161 and 6166, 839-2nd Estate and Gift Tax Charitable Deductions, 843-2nd Estate Tax Marital Deduction, 844-3rd Estate Tax Credits and Computations, 840-2nd Estate Tax Deductions – Sections 2053 and 2054, and 865-2nd Charitable Remainder Trusts and Pooled Income Funds.
Educational Objectives
• Determine the various federal estate tax deductions that are available to reduce the gross estate
• Determine the various federal estate tax credits that are available to offset the estate tax owed; Calculate the federal estate tax
• Determine the obligations and responsibilities of the fiduciary and how to avoid personal liability for the estate tax