(Solved): Required information [The following information applies to the questions displayed below.] Tom Hru ...

Required information [The following information applies to the questions displayed below.] 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 spouse, Kaffie, and the real estate to a church, The First Church of Methodology. The remainder of Tom's assets were to be placed in trust for three children. Tom's estate consisted of the following: . Tom made a taxable gift of \( \$ 8 \) million in 2011. Compute the estate tax for Tom's estate. (Refer to Exhibit 25-1 and .) lote: Enter your answers in dollars, not millions of dollars. EXHIBIT 25-1 Unified Transfer Tax Rates* EXHIBIT 25-2 The Exemption Equivalent / Applicable Exclusion Amount *The estate tax was optional for decedents dying in 2010. In lieu of the estate tax, executors could opt to have the adjusted tax basis of the assets in the gross estate carry over to the heirs of the decedent. The applicable credit and exemption are zero for taxpayers who opt out of the estate tax in 2010.