Mark died this year. His state of residence was not a community property state.

Question

Mark died this year. His state of residence was not a community property state. Listed below are the debts and expenses of his estate.

Funeral expenses

$3,500

Executor and administrative fees

5,000

Mortgage on jointly held property, one-half of the purchase prices paid by Mark

70,000

Transfers of cash to Mark’s wife

60,000

Expense related to filing the estate’s income tax return

500

Determine the allowable deductions from the gross estate.

Funeral expenses

$3,500

Executor and administrative fees

5,000

Mortgage on jointly held property, one-half of the purchase prices paid by Mark

70,000

Transfers of cash to Mark’s wife

60,000

Expense related to filing the estate’s income tax return

500

Explanation / Answer

Funeral expenses

$3,500

Executor and administrative fees

5,000

Mortgage on jointly held property, one-half of the purchase prices paid by Mark

70,000

Transfers of cash to Mark’s wife

0

Expense related to filing the estate’s income tax return

500

Funeral expenses

$3,500

Executor and administrative fees

5,000

Mortgage on jointly held property, one-half of the purchase prices paid by Mark

70,000

Transfers of cash to Mark’s wife

0

Expense related to filing the estate’s income tax return

500

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