Arlene's estate includes the following assets.

Accrued rents on the apartment building are as follows: $70,000 (date of death) and $60,000 (six months later). To pay expenses, the executor of Arlene's estate sells the Tan stock for $600,000 five months after her death.

a. If the § 2032 election is made, how much is included in Arlene's gross estate?

b. As to part (a), assume that the Tan stock is sold for $600,000 eight months (rather than five months) after Arlene's death. How does this change your answer, if at all?

c. How much is included in the gross estate if the § 2032 election is not made?

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Fair Market Value Date of Death S4,400,000 1,200,000 900,000 Six Months Later Apartment building ,400,000 Stock in Red Corporation Stock in Tan Corporation S4,380,000 1,300,000 700,000