Four years before her death, Bess sold certain ranch land to her daughter, Trudy, for $860,000, the fair market value at the time of the transfer.Bess' basis for the land was $25,000. Under the terms of the contract of sale, payment was to be made in 20 equal installments of $43,000 each, with interest on the unpaid balance.Prior to Bess' death, Trudy made ten payments, leaving a balance of $430,000.By a provision in her will, Bess canceled Trudy's remaining obligation under the contract. What are the estate and income tax consequences of this transaction? What would be included in the gross estate of Bess