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Clay, who was single, died in 2012, and had a gross estate valued at $8500. 6 months after his death, the gross assets are valued
Clay, who was single, died in 2012, and had a gross estate valued at $8500. 6 months after his death, the gross assets are valued at $9000. The estate incurs funeral and administrative expense of $125,000. Clay had debs amounting to $150,000 and bequeathed all of his estate to his children. During his life, Clay made no taxable gifts. 1. What is the amount of Clay
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