Prior to his death in 2012,Alma made the following gifts. As a result of the 2010 transfer,Alma paid a gift tax of $70,000.As to these transactions,Alma's gross estate includes:

Question

Prior to his death in 2012,Alma made the following gifts.  As a result of the 2010 transfer,Alma paid a gift tax of $70,000.As to these transactions,Alma's gross estate includes:

Quizplus · Accepted Answer

The gross estate includes all property interests, including gifts made within three years of death. Since Alma made a taxable gift in 2010, the value of that gift ($100,000) is included in his gross estate, along with the gift tax paid ($70,000). Therefore, the gross estate is $170,000.

Prior to His Death in 2012,Alma Made the Following Gifts