7. Betty dies on February 20 of the current year. Her estate consisted of the following assets, all valued as of her date of death: Stock with a basis of $40,000 and a fair market value of $200,000 Home valued at $1,500,000 and a basis of $490,000 Cash of $70,000 Life insurance on Bettys life owned by her daughter with a $500,000 face value What is Bettys gross estate? a. $600,000 b. $1,100,000 c. $1,770,000 d. $2,270,000