Mrs. Turner died this year at age 83. On the date of death, the FMV of Mrs. Turner’s property was $46.3 million, and she owed $2.491 million to various creditors. The executor of her estate paid $17,800 funeral expenses and $294,200 legal and accounting fees to settle the estate. Mrs. Turner bequeathed $1 million to the local SPCA and $2.5 million to the March of Dimes (both of which are qualified charities for federal tax purposes). She bequeathed $25 million to her surviving husband Jeffrey and the residual of her estate to her brother Marcus. Assume the taxable year is 2021. Required:
a. Compute Mrs. Turner’s taxable estate.
b. Compute the estate tax payable by Mrs. Turner’s executor if Mrs. Turner made $4.8 million taxable gifts during her lifetime but paid no gift tax because of her lifetime transfer tax exclusion.
c. Assume the facts in part b. Compute the estate tax payable by Mrs. Turner’s executor assuming that Jeffrey predeceased his wife and had an unused $1.91 million lifetime transfer tax exclusion. In this case, Marcus inherited the residual of Mrs. Turner’s estate net of charitable bequests.

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of the three mortgage options that demarco and tanya have to choose from, the balloon payment mortgage would be their best option, over adjustable payment and fixed payment plans.ultimately, the balloon payment plan would save demarco and tanya overall, in interest, would cost less monthly, and they would only have to make these payments for 8 years, opposing to 30 years for adjustable or fixed payment plans. 

overall, demarco and tanya would save $80,811 if they chose balloon payments over fixed payments, and would save $116,711 if they choose balloon payments over adjustable payments. benefits with choosing fixed payments over adjustable payments is that, in the end, the payments will still be $836.30 a month, while with adjustable payments, the initial monthly payments will be $763.38 to $1082.70 a month, ultimately leading to a more costly purchase. benefits with choosing fixed payments over balloon payments are not present. benefits in choosing adjustable payments over is that it has a lower interest rate, and starts with lower monthly payments initially. benefits in choosing adjustable payments over balloon payments include a lower interest rate, and lower initial monthly payments. benefits in choosing balloon payments over fixed payments include lower interest rates, lower overall price, lower monthly payments, takes less time to pay off, and does not require a downpayment. benefits in choosing balloon payments over adjustable payments include, lower monthly payments (when averaged), takes less time to pay off, and lower overall price.

hence, option c, balloon payments, is the best option for demarco and tanya to make this purchase, for it will save them a minimum of $80811, and a maximum of $116,711.