=+I:1-43 Estate Tax. Clay, who was single, died in 2020 and has a gross estate valued at

$8.5 million. Six months after his death, the gross assets are valued at $9 million. The estate incurs funeral and administration expenses of $125,000. Clay had debts amounting to $150,000 and bequeathed all of his estate to his children. During his life, Clay made no taxable gifts.