Determination of estate tax. Charles Kamp, a divorced person, died in February of the current year..
Determination of estate tax. Charles Kamp, a divorced
person, died in February of the current year with an estate consisting of
assets valued at $7,008,000 and liabilities of $380,000. Charles’s will
contained the following provisions:
a. Robert Sullivan would serve as executor of the estate and
trustee for the Kamp Children Trust.
b. Timberland with a market value of $560,000 would be
placed in a charitable remainder trust. The income from the trust would accrue
to the benefit of his sister Marsha Kamp Rodriquez. Income would be reduced by
the depletion charge associated with the number of board feet of lumber
c. Securities with a value of $25,000 would be given to the
Milwaukee Art Museum, recognized as a charitable organization.