Prior to her death in 2016, Alma made the following gifts. $$\begin{array}{l}
\begin{array} { c l c c }
&&\text { Fair Market Value }\
\text { Year } & \text { Asset } & \text { Date of Gift } & \text { Date of Death } \
2007 & \text { Marketable securities } & \$ 400,000 & \$ 900,000 \
2014 & \text { Term life insurance policy } & - 0 - & 100,000 \
2014 & \text { Unimproved land } & 900,000 & 950,000
\end{array}
\end{array}$$ As a result of the 2014 transfer, Alma paid a gift tax of $70,000. As to these transactions, Alma's gross estate includes:

Question

Prior to her death in 2016, Alma made the following gifts. $$\begin{array}{l}
\begin{array} { c l c c } 
&&\text { Fair Market Value }\
\text { Year } & \text { Asset } & \text { Date of Gift } & \text { Date of Death } \
2007 & \text { Marketable securities } & \$ 400,000 & \$ 900,000 \
2014 & \text { Term life insurance policy } & - 0 - & 100,000 \
2014 & \text { Unimproved land } & 900,000 & 950,000
\end{array}
\end{array}$$ As a result of the 2014 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 the value of all property owned by the decedent at the time of death, plus the value of any property transferred during the decedent's life that is considered a "taxable gift" under the federal gift tax laws. In this case, the value of the term life insurance policy and the unimproved land are included in Alma's gross estate because they were transferred within three years of her death. The value of the marketable securities is not included in her gross estate because they were transferred more than three years before her death. The gift tax paid by Alma in 2014 is not included in her gross estate.

Prior to Her Death in 2016, Alma Made the Following