Prior to her death in 2013, Alma made the following gifts.
Fair Market Value
$\begin{array}{cccc}
\text { Year } & \text { Asset } & \text { Date of Gift } & \text { Date of Death } \
2007 & \text { Marketable securities } & \$ 400,000 & \$ 900,000 \
2011 & \text { Term life insurance policy } & -0- & 100,000 \
2011 & \text { Unimproved land } & 900,000 & 950,000
\end{array}$
As a result of the 2011 transfer, Alma paid a gift tax of $70,000. As to these transactions, Alma's gross estate
Includes:

Question

Quizplus · Accepted Answer

The gross estate includes the value of all property owned by the decedent at the time of death, plus the value of any property transferred by the decedent within three years of death. The value of the marketable securities is included in the gross estate because they were owned by Alma at the time of her death. The value of the term life insurance policy is included in the gross estate because it was transferred within three years of death. The value of the unimproved land is not included in the gross estate because it was transferred more than three years before death. The gift tax paid by Alma is not included in the gross estate.

Prior to Her Death in 2013, Alma Made the Following