Question
At the time of her death in the current year, Julia was a participant in her employer's qualified pension plan. Her accrued balance in the
At the time of her death in the current year, Julia was a participant in her employer's qualified pension plan. Her accrued balance in the plan is as follows.
Employer's contribution: $1,200,000
Julia's contribution: $700,000
Income earned by plan: $900,000
Julia also was covered by her employer's group term life insurance program. Her policy (maturity value of $200,000) is made payable to Jake (Julia's husband). Jake is also the designated beneficiary of the pension plan.
(I) Regarding these assets, how much is included in Julia's gross estate?
(II) In Julia's taxable estate?
(III) How much income must Jakerecognize?
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