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A $1,000,000 life insurance policy with a present value of $100,000 is gifted by David, the insured-owner, to Arthur. If David dies within three years

A $1,000,000 life insurance policy with a present value of $100,000 is gifted by David, the insured-owner, to Arthur. If David dies within three years of the gift, only $900,000 of the $1,000,000 of insurance proceeds will be included in his estate for federal estate tax purposes.

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