1-28 Estate Tax Computation. T died on erty on his date of death: January 4, 2019. He owned the following prop- Cash $16,000,000 Stocks and bonds. 700,000 Residence Interest in partnership Miscellaneous personal property 800,000 350,000 25,000 Upon T's death, he owed $80,000 on the mortgage a life insurance policy. The policy was term life insurance which paid $200,000 to his mother upon his death. Its value immediately before his death was $0. T had all of the incidents of ownership with regard to the policy During his life, T had made only one gift. He gave a diamond ring worth $30,000 (it was an old family heirloom) to his daughter in 1995. No gift taxes were paid on the gift due to the annual exclusion (gift-splitting was elected and the annual exclusion was $10,000) and the unified transfer tax credit in effect for that on his residence. T also owned year. The ring was worth $50,000 on his date of death. T's will contained the following provisions: a. To my wife I leave all of the stocks and bonds. b. To my alma mater, State University, I leave $50,000 to establish a chair for a tax professor in the Department of Accounting in the School of Business. The residue of my estate is to go to my daughter. c. Compute T's estate tax before any credits other than the Federal estate tax credit. 1-28 Estate Tax Computation. T died on erty on his date of death: January 4, 2019. He owned the following prop- Cash $16,000,000 Stocks and bonds. 700,000 Residence Interest in partnership Miscellaneous personal property 800,000 350,000 25,000 Upon T's death, he owed $80,000 on the mortgage a life insurance policy. The policy was term life insurance which paid $200,000 to his mother upon his death. Its value immediately before his death was $0. T had all of the incidents of ownership with regard to the policy During his life, T had made only one gift. He gave a diamond ring worth $30,000 (it was an old family heirloom) to his daughter in 1995. No gift taxes were paid on the gift due to the annual exclusion (gift-splitting was elected and the annual exclusion was $10,000) and the unified transfer tax credit in effect for that on his residence. T also owned year. The ring was worth $50,000 on his date of death. T's will contained the following provisions: a. To my wife I leave all of the stocks and bonds. b. To my alma mater, State University, I leave $50,000 to establish a chair for a tax professor in the Department of Accounting in the School of Business. The residue of my estate is to go to my daughter. c. Compute T's estate tax before any credits other than the Federal estate tax credit