ILLINOIS DECEDENT SSN: 999-99-9999V D/D: Jul-12-2011 Federal Estate Tax Computation … ·...

ILLINOIS DECEDENT SSN: 999-99-9999V D/D: Jul-12-2011

1 Tentative taxable estate shown on return or as previously adjusted 22,454,356.65 12 Increase (decrease) in tentative taxable estate (from line 64, below) 0.00 0

3a Tentative taxable estate as corrected (line 1 plus line 2) 22,454,356.65 3a

Per Return or as Previously Adjusted As Corrected

3b State death tax deduction 642,751.48 642,751.48 3b3c Taxable estate (line 3a less line 3b) 21,811,605.17 21,811,605.17 3c4 Adjusted taxable gifts 600,000.00 600,000.00 45 Total adjusted taxable estate (Line 3c plus Line 4) 22,411,605.17 22,411,605.17 56 Tentative tax 7,824,861.81 7,824,861.81 67 Aggregate gift taxes payable after 1976 0.00 0.00 78 Gross estate tax (Line 6 less Line 7) 7,824,861.81 7,824,861.81 89 Unified credit against estate tax 1,730,800.00 1,730,800.00 0

10 Adjustment to unified credit 0.00 0.00 1011 Available credit (Line 9 less Line 10) 1,730,800.00 1,730,800.00 1112 Balance (Line 8 less Line 11) 6,094,061.81 6,094,061.81 1213 Credit for state death taxes 0.00 0.00 1314 Amount tentatively allowed NA 1415 Submit evidence by NA 1516 Balance (Line 12 less Line 13) 6,094,061.81 6,094,061.81 1617 Credit for federal gift taxes 0.00 0.00 1718 Credit for foreign death taxes 0.00 0.00 1819 Credit for tax on prior transfers 0.00 0.00 1920 Total credits (add Lines 17, 18, and 19 0.00 0.00 2021 Net estate tax (Line 16 less Line 20) 6,094,061.81 6,094,061.81 2122 Generation-skipping transfer taxes (from Sch R) 0.00 0.00 2223 Total transfer taxes (add Lines 21 and 22) 6,094,061.81 6,094,061.81 2324 Transfer taxes previously reported 6,094,061.81 2425 Net transfer tax - Increase (Decrease) (line 23 less line 24) 0.00 2526 Section 6651(a)(1) Penalties previously reported 0.00 2627 Section 6651(a)(2) Penalties previously reported 0.00 2728 Other penalties assessed 0.00 2829 Total Penalties as corrected 0.00 2930 Net penalties - Increase (Decrease) (line 29 less lines 26, 27, and 28) 0.00 3031 Net tax and penalties payable - Increase (Decrease) 0.00 31

Federal Estate Tax Computation - Scenario 2 - 3rd AD

These figures for computing the interest due on the 3rd anniversary date of April 15, 2015 are unchanged from those in the IRS field examination deficiency report. Although additional Illinois interest is being paid on this date, the deduction for Illinois interest is not increased. The Estate will have to file a supplemental estate tax return to claim the additional Illinois interest payment as a deduction. See page 12, below.

05212012 Illinois Scenario 2 - 3rd AD 1

ILLINOIS DECEDENT SSN: 999-99-9999V D/D: Jul-12-2011

32 Gross estate as reported on return or as previously adjusted 23,800,000.00 3233 Increases (decreases) to gross estate: 3334 Schedule A: Real Estate 0.00 3435 Schedule B: Stocks and Bonds 0.00 3536 Schedule C: Mortgages, Notes, and Cash 0.00 3637 Schedule D: Life Insurance 0.00 3738 Schedule E: Jointly Owned Property 0.00 3839 Schedule F: Other Miscellaneous Property 0.00 3940 Schedule G: Lifetime Transfers 0.00 4041 Schedule H: Powers of Appointment 0.00 4142 Schedule I: Annuities 0.00 4243 Net changes to Schedules A through I 0.00 4344 Total Gross Estate 23,800,000.00 4445 Schedule U: Qualified Conservation Easement Exclusion 0.00 0.00 4546 Total Gross Estate Less Exclusion 23,800,000.00 4647 Net changes to gross estate 0.00 4748 Corrected gross estate (line 32 plus line 47) 23,800,000.00 4849 Total allowable deductions as returned or as previously adjusted 1,345,643.35 4950 Increases (decreases) to deductions: 5051 Schedule J: Funeral and Administration Expenses 0.00 5152 Schedule K: Debts of the Decedent 0.00 5253 Schedule K: Mortgages and Liens 0.00 5354 Schedule L: Net Losses 0.00 5455 Schedule M: Marital Deduction 0.00 5556 Schedule O: Charitable Deduction 0.00 5657 Schedule T: Qualified Business Deduction 0.00 5758 Net changes to deductions 0.00 5859 Corrected total deductions (line 49 plus line 58) 1,345,643.35 5960 Corrected taxable estate (line 48 less line 59) 22,454,356.65 6061 6162 Net changes to gross estate 0.00 6263 Net changes to deductions (from line 58) 0.00 6364 Increase (decrease) to taxable estate (line 62 less line 63) 0.00 6465 6566 State death tax deduction as returned or previously adjusted 642,751.48 6667 State death tax deduction as corrected 642,751.48 6768 State death tax to be paid 642,751.48 6869 Allowable state death tax deduction (lesser of line 67 or line 68) 642,751.48 6970 Adjustment to state death tax deduction - increase (or decrease) (line 69 less line 66) 0.00 70

Adjustments to Federal Estate Tax Return - Scenario 2 - 3rd AD

Summary of Adjustments to Taxable Estate

State Death Tax Deduction for Dates of Death After 2004


ILLINOIS DECEDENT SSN: D/D: Jul-12-2011

State Death Tax DeductionPer Return or Prior

Adjustment Corrected

1 12 State 1 Illinois Total computed state death tax deduction 2,526,678.25 2,526,678.25 23 State 2 Total computed state death tax deduction 0.00 0.00 34 State 3 Total computed state death tax deduction 0.00 0.00 45 State 4 Total computed state death tax deduction 0.00 0.00 56 State 5 Total computed state death tax deduction 0.00 0.00 67 78 89 9

10 Totals 2,526,678.25 2,526,678.25 1011 Increase or (Decrease) 0.00 1112 Tentatively allowable deduction for state death tax 2,526,678.25 2,526,678.25 12

13 13

14 Per Return or Prior Adjustment Corrected

14

15 1516 State 1 Illinois 642,751.48 642,751.48 1617 State 2 0.00 1718 State 3 0.00 1819 State 4 0.00 1920 State 5 0.00 2021 Totals 642,751.48 642,751.48 2122 2223 2324 State 1 Illinois 0.00 0.00 2425 2526 2627 2728 2829 2930 3031 3132 3233 3334 3435 3536 3637 3738 Totals 642,751.48 642,751.48 3839 Increase or (Decrease) 0.00 3940 Allowable deduction for state death tax 642,751.48 642,751.48 40

State interest overpayments credited to state death tax

999-99-9999V

Maximum Computed State Death Tax

IRC §2058(b)(2)(B) Limitation of State Death Tax Deduction to the Amount of Tax Paid

State Death Taxes Actually PaidDirect State Death Tax Payments


ILLINOIS DECEDENT SSN: D/D: Jul-12-2011

1 Corrected gross estate 23,800,000.00 12 Less: Corrected Schedule J (before interest) 1,017,500.00 23 Corrected Schedule K - Debts 10,000.00 34 Corrected Schedule K - Mortgages 0.00 45 Corrected Schedule L 0.00 56 67 Deductible interest accrued from the return due date through the 78 date the Federal estate tax return was filed: 89 a Deductible interest on Federal estate tax 0.00 9

10 b Interest on Illinois estate tax 0.00 1011 c 1112 d 1213 e 1314 f 1415 1516 Other deductible interest accrued on the 706 filing date 0.00 1617 Less: Additional Schedule J expenses that were paid after the 0.00 1718 706 was filed, which are deductible on Schedule J but which 1819 were not incurred or accrued by the date on which the Federal 1920 estate tax return was filed. 2021 Total corrected reductions to the gross estate per section 6166(b)(6) 1,027,500.00 1,027,500.00 2122 Section 6166(b)(6) Adjusted Gross Estate 22,772,500.00 22

999-99-9999V

Computation of Section 6166(b)(6) Adjusted Gross Estate:

This is the Federal section 6166(b)(6) computation, for Federal estate tax purposes only. The deferral percentage shown on Line 5 of Form 4349 (see the next page) is not the same as that which is determined for Illinois section 6166 deferral purposes on Illinois Form 4350a. The amount on line 22, above, is carried to Line 2b on Form 4349 (next page) in determining the amount of Federal estate tax deferred under section 6166. NOTE: Only deductible interest that is accrued on the date the Federal estate tax return is filed is includible in the section 6166(b)(6) adjusted gross estate computation. In this example the return was filed on the return due date, when accrued interest was zero. The interest deductions allowed in the IRS field examination have no effect here.


Computation of Estate Tax Date of Death Installment Due Date

Due With Return and Annual Installment Apr-12-2017(As provided by the Limitations under Sections 6166 or 6166A of the Taxpayer Identification NumberInternal Revenue Code) 999-99-9999VEstate of:

ILLINOIS DECEDENT

Additional Tax Deferred portion Nondeferred portion0.00 0.00

Estate tax return Request for installment privileges Audit action completedSelected for audit Accepted YesNot selected for audit Rejected No

Line Item Amount

1. Value of decedent's interest in closely held business $ 17,000,000.00

Name of business

2. a. Total gross estate (IRC 6166A - 10 year election) NA

b. Adjusted gross estate (IRC 6166 - 10 or 15 year election) 22,772,500.00

3. Ratio of Line 1 to Line 2a or 2b (Divide Line 1 by Line 2a or 2b) 0.746514

4. Net estate tax as corrected (Form 706) 6,094,061.81

5. 74.6514% of Line 4 (Line 3 x Line 4 or smaller amount elected by estate ) 4,549,302.46

6. Line 4 less Line 5 1,544,759.35

7. 10 % of Line 5 (If estate elects fewer than 10 installments, adjust % accordingly) 454,930.25

8. a. Due with return - 10 year election (Line 6 + Line 7) 0.00

b. Due with return - 15 year election (Line 6) 1,544,759.35

9. Annual installment (Line 7) 454,930.25

Form 4349 (Rev. 5-93) [cg] Department of the TreasuryCatalogue No. 41572T Internal Revenue Service

Jul-12-2011

0.00

X X


Name: ILLINOIS DECEDENT SSN: 999-99-9999V

Date of Death: Jul-12-2011

1Tentative taxable estate from line 3a, Form 706 22,454,356.65

1

2

0.00

2

3

22,454,356.65

3

4Adjusted taxable gifts from line 4, Form 706 600,000.00

4

5Illinois Tentative Taxable Estate (add line 3 and line 4) 23,054,356.65

5

62,637,497.47

6

722,800,000.00

7

823,800,000.00

8

9Percent of estate having taxable situs in Illinois (line 7 divided by line 8) 95.80%

9

102,526,678.25

10

Gross value of decedent's estate for Federal Estate Tax purposes wherever located

Amount of tax attributable to Illinois (line 6 multiplied by line 9. Also enter on line 1 in the Recapitulation.)

ILLINOIS ESTATE TAX RETURN

Schedule A - Resident Decedent's Estate

Illinois QTIP election (additional amount in excess of Federal QTIP included in line 2, Form 706, from this estate or from the previous QTIP election in the Spouse's estate)

Illinois tentative taxable estate (line 1 minus line 2 if the QTIP was elected in this estate, or line 1 plus line 2 if the QTIP was previously elected in the Spouse's estate)

Full amount computed for Illinois Estate Tax from website calculator before apportionment

Gross value for Federal Estate Tax purposes of decedent's estate having taxable situs in Illinois

Line 1 is carried directly from line 3a on Federal Form 706. These figures are unchanged from the agreed IRS field examination changes. The line 6 amount is computed on the amount shown on line 3a on Federal Form 706. Statedeath tax credit is not computed on the line 4 adjusted taxable gifts. The line 7 amount is the Federal gross estate less the gross value of all property having taxable situs outside Illinois, if any. In this example, the corrected $1,000,000 value of real estate reported on Schedule A of the Federal estate tax return is situated outside Illinois in another state. The line 10 tax is carried to Illinois Form 4350a, below, which is the form for calculating the amount of Illinois tax deferred under section 6166.




1 Tentative taxable estate from Federal return, or other equivalent form 0.00 1

2 0.00 2

3 0.00 3

4 0.00 4

5 Illinois Tentative Taxable Estate (add line 3 and line 4) 0.00 5

6 0.00 6

7 0.00 7

8 0.00 8

9 Percent of estate having taxable situs in Illinois (line 7 divided by line 8) 0.00% 9

10 0.00 10

Gross value for Federal Estate Tax purposes of decedent's estate having taxable situs in Illinois

Gross value of decedent's estate for Federal Estate Tax purposes wherever located

Amount of tax attributable to Illinois (line 6 multiplied by line 9. Also enter on line 1 in the Recapitulation.)


Schedule B - Non-Resident or Alien Decedent's Estate

Illinois QTIP election (additional amount in excess of Federal QTIP included in line 2, Form 706, from this estate or from the previous QTIP election in the Spouse's estate)

Illinois tentative taxable estate (line 1 minus line 2 if the QTIP was elected in this estate, or line 1 plus line 2 if the QTIP was previously elected in the Spouse's estate)

Adjusted taxable gifts (line 4, Form 706, or any other form containing the same information)

Full amount computed for Illinois Estate Tax from website calculator before apportionment (Lines 3 and 5 from this form 700 and applied to website calculator for iunterrelated computation)




1 Amount of tax payable to Illinois (Schedule A line 10 or Schedule B line 10) 2,526,678.25 1

2 0.00 2

3 0.00 3

4 Interest at 10% per annum from 9 months after death until date of payment 0.00 4

5 Total Tax, Penalties and interest payable (Total of lines 1, 2, 3, and 4) 2,526,678.25 5

6 0.00 6

7 2,526,678.25 7

The estate elects to pay $1,883,926.77 of line 1 in installments under 35 ILCS 405/6 8

(supply proof of acceptance by Internal Revenue Service when available of Sec. 6166 election and file IL-4350a)

Balance due (line 5 minus line 6)


RECAPITULATION

Late filing penalty (5% of tax for each month or portion thereof - maximum penalty 25%)

Late payment penalty (1/2 of 1% of tax for each month or portion thereof - maximum penalty 25%)

Prior payment (attach explanation)


Estate of: ILLINOIS DECEDENT Date of Death: Jul-12-2011

Deferred Portion

1,883,926.77

117,000,000.00$

1

2 22,800,000.00 2

3 Ratio of line 1 to line 2 (divide line 1 by line 2) 0.745614 3

4 Total tax payable to Illinois 2,526,678.25 4

574.5614%

1,883,926.77 5

6642,751.48

6

7 6% of line 5 (interest payment for first 4 years) 113,035.61$ 7

Gross value of decedent's estate having a taxable situs in Illinois

of line 4 (line 3 times line 4 or smaller amount of qualified portion elected by estate)

Line 4 less line 5 (Non-deferred portion of tax due within 9 months of death.)

ILLINOIS FORM 4350a

Total Tax Non-Deferred Portion (Due in 9 months)

2,526,678.25 642,751.48

Gross value of decedent's interest in closely held business having taxable situs in Illinois

Line 1 is the same as line 1 on Federal Form 4349. However, line 2, above, is not the same as line 2b on Federal Form 4349, and cannot be the same unless the sum of the gross values of property not having taxable situs in Illinois happens to coincide with the sum of all Schedule J, K, and L deductions allowable in computing the Federal section 6166(b)(6) adjusted gross estate, which is very unlikely. The deferral ratio shown on line 3, above, is therefore not the same as the ratio shown on line 3 of Federal Form 4349. The corrected Illinois 6% interest shown payable on line 7 is a fixed rate amount.




1 22,454,356.65 Illinois tentative taxable estate 1

2 60,000.00 Illlinois adjustment 2

3 22,394,356.65 Tentative amount for Illinois tax table computation 3

4 2,637,497.47 Less: Illinois tax from line 8, below 4

5 19,756,859.18 Amount for Illinois tax table computation 5

6 6

7 19,756,859.18 Amount for Illinois tax table computation, from line 5 7

8 2,637,497.47 Tax from Illinois Tax Table, to line 4 8

9 9

10 19,756,859.18 Amount from line 5 10

11 10,040,000.00 Less: Bracket base amount from Illinois tax table 11

12 9,716,859.18 Excess above base amount 12

13 16.0% Times: Rate on excess from Illinois tax table 13

14 1,554,697.47 Tax on excess above base amount 14

15 1,082,800.00 Plus tax on bracket base amount from Illinois tax table 15

16 2,637,497.47 Total computed Illinois tax on line 5 amount 16

17 17

18Minimum Bracket Base

AmountMaximum Bracket

Amount Tax on Base AmountTax Rate on Excess Above Base Amount 18

19 0 40,000 0 0.0% 1920 40,000 90,000 0 0.8% 2021 90,000 140,000 400 1.6% 2122 140,000 240,000 1,200 2.4% 2223 240,000 440,000 3,600 3.2% 2324 440,000 640,000 10,000 4.0% 2425 640,000 840,000 18,000 4.8% 2526 840,000 1,040,000 27,600 5.6% 2627 1,040,000 1,540,000 38,800 6.4% 2728 1,540,000 2,040,000 70,800 7.2% 2829 2,040,000 2,540,000 106,800 8.0% 2930 2,540,000 3,040,000 146,800 8.8% 3031 3,040,000 3,540,000 190,800 9.6% 3132 3,540,000 4,040,000 238,800 10.4% 3233 4,040,000 5,040,000 290,800 11.2% 3334 5,040,000 6,040,000 402,800 12.0% 3435 6,040,000 7,040,000 522,800 12.8% 3536 7,040,000 8,040,000 650,800 13.6% 3637 8,040,000 9,040,000 786,800 14.4% 3738 9,040,000 10,040,000 930,800 15.2% 3839 10,040,000 ------------------ 1,082,800 16.0% 39

ILLINOIS TAX TABLE AND CALCULATOR

ILLINOIS TAX (FEDERAL STATE DEATH TAX CREDIT) COMPUTATION

Computation of the line 8 amount

ILLINOIS TAX (FEDERAL STATE DEATH TAX CREDIT) TABLE


Estate of: ILLINOIS DECEDENT SSN: 999-99-9999V D/D: Jul-12-2011

1 1

2 6,094,061.81 Federal estate tax due 2

3 4,549,302.46 Less: Tax deferred under section 6166 3

4 1,544,759.35 Balance of tax not deferred under section 6166 and due on return due date 4

5 Interest Rates Beginning Total Due Interest Factor Interest Due Total Amount Due Payment Balance Due

Forward Underpayment 5

6 Return filing date 67 Deferred @ 2% 476,000.00 0.000000000 0.00 476,000.00 0.00 476,000.00 0.00 78 Def @ 45% of R% 4,073,302.46 0.000000000 0.00 4,073,302.46 0.00 4,073,302.46 0.00 89 Non-def @ R% 1,544,759.35 0.000000000 0.00 1,544,759.35 1,209,521.43 335,237.92 335,237.92 9

10 First Annniversary Date 1011 Deferred @ 2% 476,000.00 0.020160614 9,596.45 485,596.45 9,596.45 476,000.00 0.00 1112 Def @ 45% of R% 4,073,302.46 0.013564345 55,251.68 4,128,554.14 44,702.96 4,073,302.46 10,548.72 1213 Non-def @ R% 335,237.92 0.030392410 10,188.69 345,426.61 0.00 355,975.33 10,188.69 1314 Second Annniversary Date 1415 Deferred @ 2% 476,000.00 0.020200781 9,615.57 485,615.57 9,615.57 476,000.00 0.00 1516 Def @ 45% of R% 4,073,302.46 0.013591283 55,361.41 4,128,663.87 44,791.74 4,073,302.46 10,569.67 1617 Non-def @ R% 355,975.33 0.030453263 10,840.61 366,815.94 0.00 377,385.61 10,840.61 1718 890 Date 1819 Deferred @ 2% 476,000.00 0.006762303 3,218.86 479,218.86 0.00 479,218.86 0.00 1920 Def @ 45% of R% 4,073,302.46 0.004559594 18,572.61 4,091,875.07 0.00 4,091,875.07 0.00 2021 Non-def @ R% 377,385.61 0.010160443 3,834.40 381,220.01 381,220.01 0.00 0.00 2122 Third Annniversary Date 2223 Deferred @ 2% 479,218.86 0.013348213 6,396.72 485,615.58 9,615.57 476,000.01 0.01 2324 Def @ 45% of R% 4,091,875.07 0.008990695 36,788.80 4,128,663.87 55,361.41 4,073,302.46 0.00 2425 Non-def @ R% 0.00 0.020088709 0.00 0.00 0.00 0.00 0.00 2526 2627 2728 2829 2930 Total Federal interest 219,665.80 Deductible Federal interest 24,863.70 30

Apr-12-2015

Interest on Federal Estate Tax

Apr-12-2012

Apr-12-2013

Apr-12-2014

Aug-13-2014


Estate of: ILLINOIS DECEDENT SSN: 999-99-9999V D/D: Jul-12-2011

1 1

2 2,526,678.25 Illinois estate tax due 2

3 1,883,926.77 Less: Tax deferred under section 6166 3

4 642,751.48 Balance of tax not deferred under section 6166 and due on return due date 4

5 Interest Rates Beginning Tax Due Interest Factor Interest Due Total Amount Due Payment Balance Due Forward Underpayment 5

6 Return filing date 67 Deferred @ 6% 1,883,926.77 0.000000000 0.00 1,883,926.77 0.00 1,883,926.77 0.00 78 Non-def @ 10% 642,751.48 0.000000000 0.00 642,751.48 518,159.48 124,592.00 124,592.00 89 First Annniversary Date 9

10 Deferred @ 6% 1,883,926.77 0.060000000 113,035.61 1,996,962.38 94,905.00 1,883,926.77 18,130.61 1011 Non-def @ 10% 124,592.00 0.100000000 12,459.20 137,051.20 0.00 155,181.81 12,459.20 1112 Second Annniversary Date 1213 Deferred @ 6% 1,883,926.77 0.060000000 113,035.61 1,996,962.38 94,905.00 1,883,926.77 18,130.61 1314 Non-def @ 10% 124,592.00 0.100000000 12,459.20 167,641.01 0.00 185,771.62 12,459.20 1415 890 Date 1516 Deferred @ 6% 1,883,926.77 0.020219178 38,091.45 1,922,018.22 0.00 1,922,018.22 0.00 1617 Non-def @ 10% 124,592.00 0.033698630 4,198.58 189,970.20 189,970.20 0.00 0.00 1718 Third Annniversary Date 1819 Deferred @ 6% 1,883,926.77 0.039780822 74,944.16 1,958,870.93 113,035.61 1,845,835.32 0.00 1920 Non-def @ 10% 0.00 0.066301370 0.00 0.00 0.00 0.00 0.00 2021 2122 2223 2324 2425 2526 2627 2728 2829 2930 Illinois interest total 368,223.81 Deductible Illinois interest 293,279.65 30

Interest on Illinois Estate Tax

Apr-12-2012

Apr-12-2013

Apr-12-2014

Aug-13-2014

Apr-12-2015


Estate of: ILLINOIS DECEDENT Scenario2 - 3rdAD, DD: 7 12 2011File Name: C:\Users\NMB\Documents\My Dropbox\STATE TAXES\Illinois\Illinois Full Comp Examples\Scenario 2\Illinois ET3 Scenario2 - 3rdAD.ET3Memorandum: Test Computation Inter-Est Version 3.00, Release 127e, (Standard Output)Date and time of run: Friday, May 18, 2012, 12:54 PMInflation factor used for this computation 136.0000000 %

MAIN PRINTOUT SECTIONGross Estate 23,800,000.00 Sch. JK&L (before interrelated) 1,320,779.65 Int, Federal 24,863.71 Debts & Expenses 1,345,643.36 Marital Deduction 0.00 Charitable Deduction 0.00 Fixed SDTD 642,751.48 Computed SDTD 0.00 State Death Tax Deduction 642,751.48 Total Deductions 1,988,394.84 Taxable Estate 21,811,605.16 Adjusted Taxable Gifts 600,000.00 Total Amount Drawing Tax 22,411,605.16 Tentative Tax 7,824,861.80 Aggregate Gift Tax Payable 0.00 Tax before Unified Credit 7,824,861.80 Basic Unified Credit 1,730,800.00 Unused Unified Credit - Spouse 0.00 Unified Credit from Table 1,730,800.00 Adjustment to Unified Credit 0.00 Net Unified Credit 1,730,800.00 Tax before SDTC 6,094,061.80 State Death Tax Credit 0.00 Net Tax after State Death Tax Credit 6,094,061.80 Gift Tax Credit 0.00 Foreign Death Tax Credit (Statutory) 0.00 Prior Transfer Credit 0.00 Foreign Death Tax Credit (Treaty) 0.00 Total Credits 0.00 Estate Tax 6,094,061.80 Generation Skipping Transfer Tax 0.00 Total Federal Tax 6,094,061.80

FEDERAL INTEREST OPTION SELECTEDInterest Table File: C:\Program Files (x86)\EST3\Federal.IT4Interest Table Description: Federal (RProc 95-17)(3/09)Special Interest Rate Used (old): 4.0000000 %Special Interest Rate Used (new): 2.0000000 %INTEREST FACTORS USED

Regular (100%) Special (old) Refund Pd # 1 c 3.0392410 % 4.0726543 % 3.0392410 %Pd # 2 c 3.0453263 % 4.0808493 % 3.0453263 %Pd # 3 c 1.0160443 % 1.3569960 % 1.0160443 %Pd # 4 c 2.0088709 % 2.6873855 % 2.0088709 %

Regular (45%) Special (new)Pd # 1 c 1.3564345 % 2.0160614 %Pd # 2 c 1.3591283 % 2.0200781 %Pd # 3 c 0.4559594 % 0.6762303 %Pd # 4 c 0.8990695 % 1.3348213 %


Estate of: ILLINOIS DECEDENT Scenario2 - 3rdAD, DD: 7 12 2011 Page 2

Sec. 6166 Installment Option Elected Closely Held Business Amount 17,000,000.00 Fed. Gross Estate 23,800,000.00 JK&L before Int. <1,320,779.65> JK&L Not Used 293,279.65 Adjusted Gross Estate (6166) 22,772,500.00 Qualifying Percentage 74.6514000 % Number of Regular Tax Payments 10 Years Installment Tax Payments Delayed 5 Total Qualified Tax 4,549,302.45 Tax Qualified for Special Rate 476,000.00 Other Qualified Tax 4,073,302.45 Tax Not Qualified 1,544,759.35 Qualified Tax which was Extended 4,549,302.45 PART 1

Date Tax Pmt. Int. Pmt. Due Date 4 12 2012 1,209,521.43 0.00 Da PPd # 1 4 12 2013 0.00 54,299.41 BaPd # 2 4 12 2014 0.00 54,406.32 BaPd # 3 8 13 2014 335,237.92 45,983.09 AcPd # 4 4 12 2015 -------------- -------------- Ba Sec. 6166 Flags First Flag, Principal Allocation: A = Deficiency or Interim Payment with Normal Allocation B = Installment Date with Only Interest Payment Due C = Installment Date with Tax Payment and Interest Payment Due D = Payment on or Before Date Return was Filed E = All tax moved to Non-Qualified (Election Terminated) Second Flag, Interest Allocation: a = Balance moved to Non-Qualified (Installment Date or Termination) b = Allocate to All Interest Equally (Deficiency Pmt, Extra Pmt) c = Allocate to Non-Qualified then Qualified (Special Direction) d = Allocate to Non-Qua. then, Reg. Qua. then 4% Qua. (Special Dir.) e = Allocate to Amounts drawing Regular Rate First (Special Direction) SA = Special Allocation: Non-Qua. Tax, then Interest, then Qual. Tax All = All qualified tax draws interest at the same rate as the other qualified tax.P = Period entry for Interest on Penalty Computation PART 2

Starting Tax Interest Applied Balance Paid Balance To Balance

Due Date 6,094,061.80 1,209,521.43 0.00 1,209,521.43 Pd # 1 4,884,540.37 0.00 20,737.41 0.00 Pd # 2 4,884,540.37 0.00 42,148.68 0.00 Pd # 3 4,884,540.37 335,237.92 21,791.47 335,237.92 Pd # 4 4,549,302.45 0.00 64,976.98 0.00 PART 3

Interest Total Amount Interest Drawing Int. Drawing Int. Factor Interest

Period # 1 Qua. (4%) 0.00 476,000.00 2.0160614 % 9,596.45 Oth. Qua 0.00 4,073,302.45 1.3564345 % 55,251.68 Non-Qua. 0.00 335,237.92 3.0392410 % 10,188.69 Period # 2 Qua. (4%) 0.00 476,000.00 2.0200781 % 9,615.57 Oth. Qua 0.00 4,073,302.45 1.3591283 % 55,361.41


Estate of: ILLINOIS DECEDENT Scenario2 - 3rdAD, DD: 7 12 2011 Page 3

Non-Qua. 20,737.41 355,975.33 3.0453263 % 10,840.61 Period # 3 Qua. (4%) 0.00 476,000.00 0.6762303 % 3,218.86 Oth. Qua 0.00 4,073,302.45 0.4559594 % 18,572.61 Non-Qua. 42,148.68 377,386.60 1.0160443 % 3,834.42 Period # 4 Qua. (4%) 3,218.86 479,218.86 1.3348213 % 6,396.72 Oth. Qua 18,572.61 4,091,875.06 0.8990695 % 36,788.80 Non-Qua. 0.00 0.00 2.0088709 % 0.00 Total Accrued Interest 219,665.80 NonQualified Interest while Sec. 6166 (2%) active 24,863.71 Total Interest Deduction 24,863.71 LAST LINE OF PRINTOUT


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2011 Decedents Estate Tax Calculator

Illinois TentativeTaxable Estate

Illinois TentativeTaxable Estate

Plus Adjusted TaxableGifts

The original taxable estate is $22,454,357 and the final result is$2,637,497

TRIAL 1

$22,454,357 Tentative Taxable Estate

-$60,000.00 Adjustment

$22,394,357 Amount For Table

$10,040,000 Bracket Amount

$12,354,357 Amount Above Bracket

16.0 % Rate Above Bracket

$1,976,697 Result Above Bracket

$1,082,800 Tax On Bracket

$3,059,497 Result

TRIAL 2









$2,569,978 Result

TRIAL 3









$2,648,301 Result

TRIAL 4



2011 Decedents Estate Tax Calculator http://www.illinoisattorneygeneral.gov/publications/calculator/calculator...

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$2,635,769 Result

TRIAL 5









$2,637,774 Result

TRIAL 6









$2,637,453 Result

TRIAL 7









$2,637,505 Result

TRIAL 8









$2,637,496 Result

TRIAL 9








2 of 3 5/18/2012 1:04 PM




$2,637,498 Result

TRIAL 10









$2,637,497 Result


3 of 3 5/18/2012 1:04 PM


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