T, who never married nor made any prior inter vivos gifts, made taxable gifts of $6 million in 2013. t dies in the current year, leaving a taxable estate of $5 million. in 2002, g created a trust, the income to be paid to g's child t (our same good old t) for life, remainder to t's child r. (don't worry about g who is not part of the problem). at t's death in the current year, the remainder interest of the trust corpus, valued at $4 million, was paid over to r. determine the estate tax payable on t's death in the current year, using the sec. 2001 computation and the section 2010 applicable credit amount disregarding inflation adjustments to the applicable exclusion amount. show all calculations.

A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders' equity. c. decrease assets; increase liabilities and stockholders' equity. d. increase assets; decrease liabilities and stockholders' equity. e. an exchange or event that has a direct and measurable financial effect. f. accounts for a business separate from its owners. g. the principle that assets should be recorded at their original cost to the company. h. a standardized format used to accumulate data about each item reported on financial statements. i. the basic accounting equation. j. the two equalities in accounting that aid in providing accuracy. k. the account credited when money is borrowed from a bank using a promissory note. l. cumulative earnings of a company that have not yet been distributed to the owners. m. every transaction has at least two effects. n. amounts presently owed by the business. transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.