At his death Tyron owned a life insurance policy on his life that paid his wife $300,000 upon his death. The policy was only valued at $25,000 prior to Tyrons death. What amount, if any, is included in Tyrons gross estate?

Multiple Choice

• $300,000.

• Zero - life insurance proceeds paid to a surviving spouse are excluded from a gross estate.

• $25,000 if Tyron transferred ownership of the policy any time prior to his date of death.

• $25,000.

• Zero if Tricias daughter refused to accept the proceeds.