IRS Statistics of Income -- Estate Tax
Question 1 (10 points)
0 78 S 1
Go to http://www.irs.gov/taxstats/.
Under the section entitled "Individual Tax Statistics," click on Estate & Gift Tax. Click on Filing Year Data
Tables, and then click on the 2008 link under Estate Tax Returns by Tax Status and Size of Gross Estate.
Open the spread sheet for that year and use the data available to answer the following questions. How many
taxable estate tax returns were filed for 2008? (Include commas but not dollar signs in your answers to
these questions).
Answer:
Question 2 (10 points)
1 80 S 1
What were total federal revenues from
the estate tax in 2008? (Ignore the generation skipping tax).
Answer:
Question 3 (10 points)
2 82 S 1
Focusing solely on taxable estates, what
was the average gross estate value on estate tax returns filed in 2008?
Answer:
Question 4 (10 points)
3 84 S 1
What was the average estate tax liability
for taxable estates in 2008?
Answer:
Question 5 (10 points)
4 86 S 1
What was the average charitable
deduction claimed by taxable estates in 2008?
Answer:
Question 6 (10 points)
5 88 S 5
Determine the average value of the
following assets in those taxable gross estates including such assets.
1. personal residence
2. other real estate
3. stock in closely held corporations
4. other stock
5. farm assets
Answer:
1.
2.
3.
4.
5.
Question 7 (10 points)
6 90 S 1
Assume that in 2008, the unified credit
protected the first $3.5 million in assets from estate tax. For how many taxable returns filed in that year
was the value of the gross estate equal to $3.5 million or more?
Answer:
Question 8 (10 points)
7 92 S 5
Again assume that in 2008, no estate tax
would be due unless the value of the gross estate exceeded $3.5 million.
1. What were total federal estate tax revenues for 2008 from estates with gross estate values of $3.5 million
or greater?
2. What was the average gross estate value for estates in excess of $3.5 million in 2008?
3. What was the average estate tax liability for these returns?
4. Of the taxable estates in this category, what was the average charitable deduction claimed in 2008?
5. What was the total value of charitable contributions claimed by these estates?
Answer:
1.
2.
3.
4.
5.
Question 9 (10 points)
8 94 S 1
Assume that Congress increased the
unified credit to a level where the estate tax is not triggered until the taxable estate exceeds $5 million. How
many taxable estate returns filed in 2008 reported gross estate value of $5 million or more?
Answer:
Question 10 (10 points)
9 96 S 4
Again, focus on taxable estate tax returns
filed in 2008 with gross estates of $5 million or more.
1. What was the average gross estate value for these estates in 2008?
2. What was the average estate tax liability for these estates in 2008?
3. What was the average charitable deduction claimed by the estates in this category that made charitable
contributions in 2008?
4. What were total federal estate tax revenues from these returns in 2008?
Answer:
1.
2.
3.
4.