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Jimmy owns two parcels of real estate, Tara and Sundance. Tara is worth $110,000 and Sundance is worth $165,000. Jimmy plans to bequeath Tara directly

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Jimmy owns two parcels of real estate, Tara and Sundance. Tara is worth $110,000 and Sundance is worth $165,000. Jimmy plans to bequeath Tara directly to his wife Lois and leave her a life estate in Sundance. Required: What amount of value will be included in Jimmy's gross estate and taxable estate should he die now? Amount included in gross estate Amount included in taxable estate

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