At the time of her death on October 4, Kaitlyn:
?Was the sole life beneficiary of a trust (assets worth $2 million) created 10 years ago by Paul (Kaitlyn’s husband). The transfer was by gift of securities then worth $500,000. Paul and Kaitlyn’s children are the remainder beneficiaries. ?Owned stock in Mauve Corporation (basis of $800,000 and fair market value of $1 million). On September 7, a dividend of $48,000 was declared on the stock payable to all shareholders of record on October 3. The $48,000 was received by Kaitlyn’s executor on October 19. ?Made a taxable gift of $400,000 in a prior tax year. As to these transactions, Kaitlyn’s gross estate includes:
?
A. $1,048,000.
B. $1,448,000.
C. $3,000,000.
D. $3,048,000.
Answer: A
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