Distribution of estate, taxable estate, and the resulting tax. Determine the correct value for each of the following questions: 1. Assuming that a single person has made taxable lifetime gifts of $1.2 million, what is the largest taxable estate that could exist and still not incur any estate tax? 2. Helen made separate lifetime taxable gifts of $1.5 million and died leaving her entire $5 million estate to her husband George.George had made taxable gifts of $500,000 prior to Helen's death. In the year following her death, George made gifts of $50,000 to each of their four children. George died shortly after making the gifts leaving a taxable estate of $7 million, including the intact $5 million inherited fromHelen. What is the net estate tax due on George's estate? 3. Given the facts in item (2) above, now assume that Helen had established a credit shelter trust in the amount of $3.5 million for the benefit of her husband George. What is the net estate tax due on George's estate? 4. Roger Pillsbury died leaving an estate consisting of the following: a 1984 Ford Mustang, a savings account of $40,000 at LaSalle Bank, and a parcel of land in Oklahoma that was subsequently sold for $195,000. His will stipulated that the Ford Mustang go to his brother Robert and that his sister Ann receive $60,000 from his savings account at LaSalle Bank. Per his will, each of his six children were to receive $40,000, and the balance of his estate was to be given to the University of Oklahoma. What amount would Roger's sister receive from his estate? 5. Given the facts of item (4) above, assume that Roger had hoped that the University of Oklahoma would receive $100,000 from his estate. What would the land in Oklahoma have had to sell for in order for this to have been possible?