Tina's taxable estate will be zero.
What is taxable estate?
- Investment holdings like cash, stocks, and bonds, as well as real estate and personal property like houses, automobiles, and collectibles are all included in a person's taxable estate.
- When an heir inherits the deceased person's property and is required to pay estate taxes on it, the taxable estate comes into play.
- It is crucial for the heir to understand what portion of the estate is taxable because they will only be responsible for paying estate taxes on the taxable estate.
- Because spouses are eligible for an unlimited marital deduction, estate tax, and by extension the taxable estate value, normally do not apply if a named beneficiary of an estate is a living spouse.
- However, taxable estate arises when assets are left to a child, sibling, or another recipient other than a spouse.
Tina's taxable estate will be zero.
Tina's gross estate ($18 million) is reduced by charitable contributions to zero.
To learn more about taxable estate, refer to
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