Prior to his death in 2011, Gordon made the following taxable gifts.
The policy of Gordon's life was given to the designated beneficiary. The gift of the stock and the land generated gift taxes of $28,750 and $64,250, respectively.
As to these transfers, how much is included in Gordon's gross estate?
Definitions:
Severable Contract
A contract whose terms can be divided.
Divisible
Capable of being divided or separated into smaller components or parts.
Pygmalion Effect
The phenomenon where higher expectations lead to an increase in performance; a form of self-fulfilling prophecy.
Perceptual Distortion
A cognitive bias or error that affects the accuracy of one's perception or interpretation of reality.
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