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What is Understanding Estate Tax Calculations about?
To compute the estate tax due, the 6% tax rate is applied to the net estate, which is calculated by subtracting the standard deduction from the gross estate. In this case, the gross estate is 1,800,000, and with a standard deduction of 5,000,000, the net estate results in a negative amount, indicating no estate tax is due. This calculation is based on the tax regulations applicable in 2019 under the TRAIN law.
- Author
- ROCHELLE ANNE VICTORIA
- Language
- EN