Prior to her death in 2015,Alma made the following gifts. Fair Market Value Year Asset Date of Gift Date of Death 2007 Marketable securities $400,000 $900,000 2013 Term life insurance policy -0- 100,000 2013 Unimproved land 900,000 950,000 As a result of the 2013 transfer,Alma paid a gift tax of $70,000.As to these transactions,Alma's gross estate includes:

Question

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The value of the term life insurance policy is included in the gross estate because it was a transfer with a retained life estate. The value of the unimproved land is not included in the gross estate because it was a completed gift more than three years before death.

Prior to Her Death in 2015,Alma Made the Following Gifts