In reference to the potential taxation of an estate, which of the following statements is correct?

a. An estate may be subject to taxation at both the state and federal level.

b. The taxable amount of an estate is based on the book values of all estate assets at the date of death.

c. The estate value is not reduced by such expenses as funeral expenses, bequests to qualified charities, or state-level taxes.

d. Taxable estate assets do not include proceeds from life insurance policies.