Transcribed Image Text: 52.On the date of Leah Maxwell’s death, she owned 50 percent of Skipper Boats Inc. With a fair market value of $3,000,000.She also owned 25 percent of

Transcribed Image Text: 52.On the date of Leah Maxwell’s death, she
owned 50 percent of Skipper Boats Inc. With
a fair market value of $3,000,000.She also
owned 25 percent of Cabana Corporation
with a fair market value of $750,000. Her
gross estate, including her stock in these
companies, was $10,000,00o, funeral and
administrative expenses were $150,000,and
estate taxes were $1,700,000.Cabana
Corporation redeemed all of its stock from the
estate for $800,000 when its E&P
was$1,000,000. are the tax
consequences to Leah’s estate and Cabana
Corporation?

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