In 2012, Glen transferred several assets by gift to different persons. Glen dies in 2014. Information regarding the properties given is summarized below.
Fair Market Value
$\begin{array}{lcc}
& \text { Date of Gift } & \text { Date of Death } \
\text { Insurance policy on Glen's life } & \$ 20,000 & \$ 200,000 \
\text { Unimproved land } & 890,000 & 900,000 \
\text { Stocks and bonds } & 600,000 & 800,000
\end{array}$
The transfer of the land and the stocks and bonds resulted in a total gift tax of $60,000. As to these transactions,
Glen's gross estate must include:

Question

In 2012, Glen transferred several assets by gift to different persons. Glen dies in 2014. Information regarding the properties given is summarized below.
Fair Market Value
$\begin{array}{lcc} 
& \text { Date of Gift } & \text { Date of Death } \
\text { Insurance policy on Glen's life } & \$ 20,000 & \$ 200,000 \
\text { Unimproved land } & 890,000 & 900,000 \
\text { Stocks and bonds } & 600,000 & 800,000
\end{array}$
The transfer of the land and the stocks and bonds resulted in a total gift tax of $60,000. As to these transactions,
Glen's gross estate must include:

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 insurance policy is not included in the gross estate because it was transferred more than three years before death. The land and stocks and bonds are included in the gross estate at their fair market value at the date of death, which is $900,000 and $800,000, respectively. The total gross estate is therefore $260,000.

In 2012, Glen Transferred Several Assets by Gift to Different