You are to present the results of your calculation, the. total cost to the customer, the steps the service manager would oversee the. technician performing, and an outline of how the service manager would determine. if the work had been performed to the customerâs satisfaction.
Inherited cash is not considered taxable income for federal tax purposes. The inheritance of stuff - property in your case - is also not considered income for federal tax purposes. Generally the fair market value of the property at the date of death becomes the beneficiary's basis for calculating gain or loss when it's sold.
Estate tax owed: zero, because of the marital deduction. Wife now owns $10 million. She dies under circumstances where her husband's exemption is not preserved, leaving her gross estate of $10 million to their children. Because of the $5 million exemption, her taxable estate is only $5 million.