Mr McCann Died This Year

Mr. McCann died this year. During his lifetime, he made taxable gifts significantly in excess of his lifetime transfer tax exclusion. Mr. McCann's taxable estate was $21.9 million. Compute the estate tax on this estate.

A) $8.760 million
B) $6.660 million
C) $7.665 million
D) The facts are insufficient to compute the estate tax.
105) In 2019, Mr. Yang paid $160,000 for a corporate bond with a $200,000 stated redemption value. Based on the bond's yield to maturity, amortization of the $40,000 discount was $3,024 in 2019 and $2,960 in 2020. Mr. Yang sold the bond for $169,500 in December 2020. What are the tax consequences to Mr. Yang in each year assuming that: He bought the newly issued bond from the corporation?He bought the bond in the public market through his broker?