Cody and Reese were married years ago and had one child, Amber. Cody and his longtime friend, Kandi, were recently flying in Kandis new plane. For a brief period Kandi was distracted and lost control of the plane. Unfortunately, the plane crashed and Kandi died instantly and Cody died a few days later as a result of the injuries sustained during the crash. When Cody died he and Reese owned the following property: Home valued at $1,000,000 held tenancy by the entirety. Car 1 valued at $15,000 held fee simple by Cody. Car 2 valued at $20,000 held Joint Tenancy with Rights of Survivorship by Cody and Amber. Inherited diamond ring collection valued at $3,000,000 held fee simple by Reese. Boat valued at $500,000 held tenancy in common by Cody and Amber. Life Insurance Policy 1 on Reeses life, owned by Cody. The fair market value of the policy was $100,000 and the death benefit was $200,000. The beneficiary is Amber. Life Insurance Policy 2 on Codys life, owned by Cody. The fair market value of the policy was $80,000 and the death benefit was $600,000. The only beneficiary is Kandi. IRA account valued at $2,500,000 owned by Cody with Amber as the beneficiary. Irrevocable Trust by Cody for the benefit of Amber created five years ago. The trust is valued at $400,000, and Amber is the beneficiary at Codys death. Note: Unless otherwise stated, assume equal contributions were made by all parties for jointly owned property. The accident was found to be the fault of the plan manufacturer; therefore, Codys heirs received $250,000 for wrongful death and $600,000 for his pain and suffering. Codys last medical expenses were $50,000, his funeral expenses were $25,000, the administrative fees for the estate were $100,000 and he had existing debts of $150,000. Codys will left $100,000 to a qualifying charity and the remaining Part I (30 Points) Calculate Codys probate estate in the box below. Unless otherwise stated, assume equal contributions were made by all parties for jointly owned property. Complete the following table: Asset Full Value Codys Interest Probate Estate Gross Estate Home Car 1 Car 2 Diamond Ring Boat Life Insurance 1 Life Insurance 2 IRA Trust Wrongful Death Pain & Suffering Total Part II Estate Tax Calculation (30 Points) Complete the estate tax calculation using the example table in Exhibit 6.17 in Estate Planning