Compute the estimated tax liability on the differences between the estimated current value of the...

For Barb and Carl, the assets and liabilities and the effective income tax rates at December 31, 2010, follow:

Accounts	Tax   Bases	Estimated   Current   Value	Estimated   Current   Values over Tax Bases	Effective   Income Tax   Rates	Amount   of Estimated Income   Taxes
Cash	$20,000	20000.00	$ —	—	________
Marketable   securities	45,000	50,000	5,000	28%	________
Life   insurance	50,000	50,000	—	—	________
Residence	100,000	125,000	25,000	28%	________
Furnishings	40,000	25,000	15,000	—	________
Jewelry	20,000	20,000	—	—	________
Autos	20,000	12,000	8,000	—	________
Mortgage   payable	90,000	90,000	—	—	________
Note   payable	30,000	30,000	—	—	________
Credit   cards	10,000	10,000	—	—	________

Required

a. Compute the estimated tax liability on the differences between the estimated current value of the assets and liabilities and their tax bases.

b. Present a statement of financial condition for Barb and Carl at December 31, 2010.

c. Comment on the statement of financial condition.