Question
Assume that Holly Scott dies on July 12, 2021. Ms. Scott's assets include the following : Alpha Stock costing $40,000 but valued at $50,000; a
Assume that Holly Scott dies on July 12, 2021. Ms. Scott's assets include the following : Alpha Stock costing $40,000 but valued at \$50,000; a house costing \$320,000 but valued at \$680,000 life insurance in the amount of 5650, 000 ; and cash from various sources totaling \$62.600. Three credit cards in Ms. Scott's name had balances totaling \$10.620 on the date of death. The estate paid funeral and final medical expenses in the amount of \$60.386 . There were no charitable gifts designated by the will, and Ms. Scott was single at the time of her death. What is the amount of the taxable estate?
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