Here Essay0 points ModifyRemove QuestionMr. Arnold Schwartz died on January 23, 20X5. He owned the following items on the date of his death: Cash$ 50,000 Stocks400,000 Personal residence200,000 Rental property700,000 He also had the following liabilities: Mortgage on the home75,000 Medical expenses25,000 His funeral and administrative expenses were $10,000. Arnold's will specified the following: (1)Mercy Hospice was to receive $15,000 in cash. (2)His son was to receive the rental property and one-fourth of the stocks. (3)His wife was to receive the remainder of the assets. Required: Assuming Arnold made $100,000 in taxable gifts since 1976, compute his tax base for estate tax purposes