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
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
 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 fair market value of the assets transferred by gift is not relevant for determining the inclusion in the gross estate. However, since the total gift tax paid is $60,000, the value of the taxable gifts (i.e. gifts not excluded by the annual exclusion or marital deduction) must be added to the gross estate. The taxable gifts in this case are the $200,000 worth of land and stocks and bonds transferred by gift. Therefore, the gross estate must include $260,000 ($200,000 + $60,000).

In 2012, Glen Transferred Several Assets by Gift to Different