Chester, who was single, died in $2023$ and has a gross estate valued at $$8$ million. Six months after his death, the gross assets are valued at $$8\mathrm{.}4$ million. The estate incurs funeral and administration

expenses of $$135,000.$ Chester had debts amounting to $$163,000$ and bequeathed all of his estate to his children. During his life, Chester made no taxable gifts.

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Requirement a$.$ What is the amount of Chester's taxable estate? $($Complete all input fields. Enter amounts in dollars and not in millions. Enter a $"$ for applicable amounts.$)$

Requirement $b.$ What is the tax base for computing Chester's estate tax? $($Complete all input fields. Enter amounts in dollars and not in millions. Enter a $"0"$ for applicable amounts.$)$

Requirement c$.$ What is the amount of estate tax owed if the tentative estate tax $($before credits$)$ is $$3,026,600?($Complete all input fields. Enter amounts in dollars and not in millions. Enter a sor

applicable amounts.$)$

Estate tax from rate schedule

Minus

Estate tax d$$e

Requirement d$.$ Alternatively, if$,$ six months after his death, the gross assets in Chester's estate declined in value to $$6\mathrm{.}6$ million, can the administrator of Chester's estate elect the alternate

valuation date? What are the important factors that the administrator should consider as to whether the alternate valuation date should be elected?