At the Time of Her Death, Amber Owns Property Worth

question 119

Essay

At the time of her death, Amber owns property worth $5,000,000. Other information regarding her affairs is as follows. $\begin{array}{lr}\text { Unpaid pledge to the building fund of her church } & \$ 50,000 \\\text { College graduation gift she had promised her grandson } & 20,000 \\\text { Local property taxes owed (accrued prior to death) } & 100,000 \\\text { Mortgage owed on personal residence } & 800,000\end{array}$ All of these items were paid by her estate, and none were deducted on Form 1041 (income tax return of the estate). What is Amber's taxable estate?