In 2013,Glen transferred several assets by gift to different persons.Glen dies in 2015.Information regarding the properties given is summarized below. Fair Market Value Date of Gift Date of Death Insurance policy on Glen's life $ 20,000 $200,000 Unimproved land 890,000 900,000 Stocks and bonds 600,000 800,000 The transfer of the land and the stocks and bonds resulted in a total gift tax of $60,000.As to these transactions,Glen's gross estate must include:

Question

In 2013,Glen transferred several assets by gift to different persons.Glen dies in 2015.Information regarding the properties given is summarized below. Fair Market Value Date of Gift Date of Death Insurance policy on Glen's life $ 20,000 $200,000 Unimproved land 890,000 900,000 Stocks and bonds 600,000 800,000 ​ The transfer of the land and the stocks and bonds resulted in a total gift tax of $60,000.As to these transactions,Glen's gross estate must include:

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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 by the decedent within three years of death. In this case, the decedent transferred the land and the stocks and bonds within three years of death, so the value of these properties must be included in the gross estate. The value of the insurance policy is not included in the gross estate because it was not owned by the decedent at the time of death. Therefore, the gross estate must include $260,000 ($890,000 + $600,000).

In 2013,Glen Transferred Several Assets by Gift to Different Persons