Describe the effect of the disclaimer procedure

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Reference no: EM131588340

In each of the following independent situations, describe the effect of the disclaimer procedure on Floyd’s taxable estate. In this regard, advise how much should be disclaimed, by whom, and whether a disclaimer should be made. Assume the year involved is 2014. (I) Floyd's will leaves $5,540,0000 to his adult son and the remainder ($900,000) to Ann (Floyd’s surviving wife). (II) Floyd's will leaves $8,340,000 to Ann (Floyd's surviving wife) and the remainder ($2,000,000) to his adult daughter. (III) Floyd's will leaves $5,590,000 to Ann (Floyd's surviving wife) and the remainder ($500,000) to a qualified charity.

Reference no: EM131588340

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