MrArnold Schwartz Died on January 23, 2015 He Also Had the Following Liabilities:

Mr.Arnold Schwartz died on January 23, 2015.He owned the following items on the date of his death:
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$$\begin{array} { l c } \text { Cash } & \$ 50,000 \\\text { Stocks } & 400,000 \\\text { Personal residence } & 200,000 \\\text { Rental property } & 700,000\end{array}$$ He also had the following liabilities:
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$\begin{array}{ll}\text { Mortgage on the home } & 75,000 \\\text { Medical expenses } & 25,000\end{array}$
His funeral and administrative expenses were $10,000.
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Arnold's will specified the following:
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(1) Mercy Hospice was to receive $\$ 15,000$ in cash.
(2) His son was to receive the rental property and one-fourth of the stocks.
(3) His wife was to receive the remainder of the assets. Required:
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Assuming Arnold made $100,000 in taxable gifts since 1976, compute his tax base for estate tax purposes.