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Assume that Holly Scott dies on July 12, 2021. Ms. Scott's assets include the following: Alpha Stock costing $40,000 but valued at $50,000; a house costing $320,000 but valued at $680,000; life insurance in the amount of $650,000; and cash from various sources totaling $62,600. Three credit cards in Ms. Scott's name had balances totaling $10,620 on the date of death. The estate paid funeral and final medical expenses in the amount of $60,386. There were no charitable gifts designated by the will, and Ms. Scott was single at the time of her death. What is the amount of the taxable estate?
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