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Mr. Arnold Schwartz died on January 23, 20X5. He owned the following items on the date of his death:
He also had the following liabilities:
His funeral and administrative expenses were $10,000.
Arnold's will specified the following:
(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:
Assuming Arnold made $100,000 in taxable gifts since 1976, compute his tax base for estate tax purposes.
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