Reference no: EM132650893
Problem - David Collins died during the current year. The personal representative of David's estate reviewed the following assets:
Stocks in David's name only $2,000,000
Investment property in a trust that David has the right to revoke 1,500,000
Primary home owned jointly with his wife (wife did not contribute to the purchase) 1,000,000
Insurance policy owned by and insuring David with the proceeds payable to his daughter 800,000
Vacation home owned jointly with his son (son did not contribute to the purchase) 500,000
Cash placed in an irrevocable trust by David eight years ago with David's friend as trustee 600,000
Required - What is the value of David's gross estate for estate tax purposes?
a. $3,500,000
b. $4,250,000
c. $5,300,000
d. $6,400,000
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