Section 6166(a) Underpayment of Non-Deferred Tax
Form 4768 Computations
| DATE OF DEATH: FEBRUARY 9, 2018 |
Facts Regarding Preparation of Form 4768 Relating to Prospective Form 706, page 1:
|
FORM 4768 COMPUTATION OF ESTIMATED ESTATE TAX | ||
| 1 | 47,500,000 | Gross estate |
| 2 | 3,750,000 | Schedules J, K, and L deductions |
| 3 | 1,800,000 | Charitable deduction |
| 4 | 5,550,000 | Total deductions |
| 5 | 36,950,000 | Taxable estate |
| 6 | 5,000,000 | Adjusted taxable gifts |
| 7 | 41,950,000 | Total amount on which tentative tax is computed |
| 8 | 16,275,800 | Tentative tax and gross estate tax |
| 9 | 4,417,800 | Allowable applicable credit amount |
| 10 | 12,308,000 | Net estate tax |
FORM 4768 COMPUTATION OF ESTIMATED TAX NOT DEFERRED UNDER A PROSPECTIVE SECTION 6166 ELECTION | ||
| 11 | 47,500,000 | Gross estate |
| 12 | 3,750,000 | Schedules J, K, and L §2053 and §2054 deductions (before interest) |
| 13 | 38,750,000 | §6166(b)(6) adjusted gross estate |
| 14 | 30,000,000 | §6166 closely held business value |
| 15 | 12,308,000 | Total estate tax, from line 10, above |
| 16 | 0.774194 | §6166(a)(2) ratio for the maximum amount of tax which may be paid in installments (line 14 divided by line 13) - carried to 6 decimal places, rounded |
| 17 | 77.4194% | §6166(a)(2) ratio expressed as a percentage |
| 18 | 9,528,779.75 | Maximum amount of tax which may be paid in installments (line 15 times line 16). NOTE: IRS will calculate the deferred and non-deferred tax amounts (and interest) in dollars and cents even when the return reports whole dollar amounts. |
| 19 | 2,779,220.25 | Tax not deferred under the prospective section 6166 election, paid with the filing of Form 4768 on Friday, November 9, 2018 (line 15 less line 18) |