At the time of her death on October 4,2015,Kaitlyn was involved in the following transactions. ∙ Was the sole life beneficiary of a trust (assets worth $2 million) created 10 years ago by Paul (Kaitlyn's husband).The transfer was by gift of securities then worth $500,000 (Paul did not make a QTIP election).Paul and Kaitlyn's children are the remainder persons. ∙ Owned stock in Mauve Corporation (basis of $800,000 and fair market value of $1 million).On September 7,2015,a dividend of $48,000 was declared on the stock payable to all shareholders on record as of October 3,2015.The $48,000 was received by Kaitlyn's executor on October 19,2015. ∙ Kaitlyn made a taxable gift of $400,000 in 2004. As to these transactions,Kaitlyn's gross estate includes:

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The trust assets are included in Kaitlyn's gross estate because she was the sole life beneficiary. The stock in Mauve Corporation is also included in her gross estate because she owned it at the time of her death. The dividend is not included in her gross estate because it was declared before her death and was not received by her until after her death. The taxable gift is not included in her gross estate because it was made more than three years before her death.

At the Time of Her Death on October 4,2015,Kaitlyn Was