At the time of her death, Sophia was a participant in her employer's qualified pension plan. Her accrued balance in plan is:
Employer's contribution $1,300,000
Sophia's contribution 800,000
Income earned by plan 900,000
Sophia also was covered by her employer's group term life insurance program. Her policy (maturity value of $100,000 made payable to Aiden (Sophia's husband). Aiden is also the designated beneficiary of the pension plan.
a. Regarding these assets, how much is included in Sophia's gross estate?
b. In Sophia's taxable estate?
c. How much gross income must Aiden recognize, when collecting on these items?

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The Answer of At the time of her death, Sophia was a participant in her employer's qualified pension plan. Her accrued balance in plan is:
Employer's contribution $1,300,000
Sophia's contribution 800,000
Income earned by plan 900,000
Sophia also was covered by her employer's group term life insurance program. Her policy (maturity value of $100,000 made payable to Aiden (Sophia's husband). Aiden is also the designated beneficiary of the pension plan.
a. Regarding these assets, how much is included in Sophia's gross estate?
b. In Sophia's taxable estate?
c. How much gross income must Aiden recognize, when collecting on these items?

At the Time of Her Death, Sophia Was a Participant