1-28 Estate Tax Computation. T died on January 4, 2019. He owned the following prop- crty on his date of death 316 000 000 Stocks and bonds 700.000 Residence 300.000 Interest in partnership 350.000 Miscellaneous personal property 25.000 Upon T's death, he owed 580,000 on the mortgage on his residence. T also owned 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 gif taxes were paid on the gift due to the annual exclusion (gif-splitting was clected and the annual exclusion was $10,000) and the unified transfer tax credit in cffect for that year. The ring was worth $50,000 on his date of death. T's will contained the following provisions: 2. 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 c. The residue of my cstate is to go to my daughter Compute T's estate tax before any credits other than the Federal estate tax credit. 1-28 Estate Tax Computation. T died on January 4, 2019. He owned the following prop- crty on his date of death 316 000 000 Stocks and bonds 700.000 Residence 300.000 Interest in partnership 350.000 Miscellaneous personal property 25.000 Upon T's death, he owed 580,000 on the mortgage on his residence. T also owned 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 gif taxes were paid on the gift due to the annual exclusion (gif-splitting was clected and the annual exclusion was $10,000) and the unified transfer tax credit in cffect for that year. The ring was worth $50,000 on his date of death. T's will contained the following provisions: 2. 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 c. The residue of my cstate is to go to my daughter Compute T's estate tax before any credits other than the Federal estate tax credit