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When Frank died in 2013, he left $9,000,000 to his grandchildren.
When Frank died in 2013, he left $9,000,000 to his grandchildren. Frank also left a residuary estate of$5,000,000, which his w-il-l d-ire-cts-is-to -pay--- any GST or estate tax resulting from his death. Any residuary estate remaining after paying these taxes is to be distributed among Lee's living
children. Frank's children all are still alive. Frank made no taxable gifts in any prior years. Answer each of the following questions.
Q1 What tax rate will be used for computing the GST in this case, if applicable?
.Q2 Frank's estate owes how much estate tax?
Q3 Frank's estate owes how much generation skipping tax?
A. $1,500,000
B. $900,000
C. $1,400,000
D. $3,500,000
E. 28.5714% (allow for rounding) F. 40%
G.0%
H.$674,074 (allow for rounding)
I. 35%
J. 25.9259%
K.$0
