Calculate his gross estate

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Reference no: EM131849000

Mike makes the following transfers:

–2 years ago:

• Life insurance policy on his life to his cousin, $1M DB, $250 CSV

• $100,000 Stock Portfolio to his sister

• $50,000 RV to his son

• Paid gift taxes of $55,000

–Last year:

• $50,000 cash to brother

• Paid $10,000 in gift taxes

• He died this year owning a $250,000 home ($100,000 basis) tenancy by the entirety, $50,000 stock portfolio, $500,000 in his 401K with his wife names as the beneficiary, a $50,000 car, and $25,000 in cash.

1. Calculate his gross estate.

2. What if he would have sold the life insurance policy to his cousin?

Reference no: EM131849000

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