On the Date of Her Death, Ava Owned the Following

question 79

Essay

On the date of her death, Ava owned the following.
? An insurance policy (face amount of $500,000) on the life of Benjamin (Ava's current husband) with herself as the designated beneficiary. The policy has a cash surrender value of $50,000.
? A life estate in a trust created by Alexander (Ava's deceased prior husband). The trust (current value of $2,900,000) was worth $1,000,000 when created ten years ago. A QTIP election was made by the executor of Alexander's estate.
? Federal income tax refund of $80,000 on a prior year's tax return and paid to the executor of Ava's estate.
As to these items, how much is included in Ava's gross estate?

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