Prior to Her Death in 2016, Alma Made the Following

question 109

Multiple Choice

Prior to her death in 2016, Alma made the following gifts. $$\begin{array}{l}\begin{array} { c l c c } &&\text { Fair Market Value }\\\text { Year } & \text { Asset } & \text { Date of Gift } & \text { Date of Death } \\2007 & \text { Marketable securities } & \$ 400,000 & \$ 900,000 \\2014 & \text { Term life insurance policy } & - 0 - & 100,000 \\2014 & \text { Unimproved land } & 900,000 & 950,000\end{array}\end{array}$$ As a result of the 2014 transfer, Alma paid a gift tax of $70,000. As to these transactions, Alma's gross estate includes:

• A)$0.
• B)$70,000.
• C)$100,000.
• D)$170,000.
• E)$1,120,000.

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