In February of this year, Tom dies. Two years and nine months before the date of death, Tom made a gift of stock valued at $2 million. Gift taxes paid on the transfer by Tom were $435,000 after reduction for a $345,800 unified credit ($780,800 - $345,800). At the time of his death, the gifted stock was valued at $2.3 million. The amount included in Tom's gross estate from this transfer is

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The amount included in Tom's gross estate is the gift taxes paid on the transfer, which is $435,000. This is because the gift was made more than three years before his death, so the value of the gift itself is not included in the gross estate, only the gift taxes paid are included.

In February of This Year, Tom Dies