May, age 84, died Sept 19, 2019 At the time of her death, she owned, completely or partially, the following assets Her late husband, John, had established a trust with being an income beneficiary and their two children receiving a remainder interests The executor of Johns estate made the QTIP election At the time of her death, the value of the trust was $7 5 million May owned three insurance policies one on her life and one on the life of each child Each policy has a maturity value of $1,000,000 all name May or her estate as the beneficiary As of Sept 19, the policies on each child have a cash surrender value of $200,000 A tract of undeveloped land that was inherited from her father (Cost $200,000 FMV $600,000 at his death) that was held as tenants in common with her two children The land was worth $1,250,000 at the time of her death A tract of undeveloped land was purchased by May in 2002 for $300,000 As of Sept 19, the land is worth $2 3 million and has a $500,000 mortgage A family vacation lodge in Union, SC, was held as joint tenants with the right of survivorship in the names of May and each child The property was purchased in 2002 for $350,000 $150,000 of which was provided by May and $100,000 from each child On Sept 19, the lodge was worth $1 4 million Rental beach cottages in Destin, FL, were inherited from John and worth $1 2 million May owns her residence, which is valued at $2 8 million May had been injured in a car accident on July 28, 2018 The accident was caused by the delivery truck of a national soft drink bottling company Not only was the truck in disrepair, but the driver was charged with DUI To avoid the adverse publicity of a lawsuit involving obvious gross negligence, the corporate office offered to settle any claims The estate received $700,000 in cash plus payment of all medical expenses Of the medical expenses, the doctors and hospitals were paid directly by the bottling company May had made prior taxable gifts of $600,000 to each child In addition to the above, May had the following Checking account cash $ 18,000 State of Minnesota bonds 205,000 Personal and household effects 160,000 Traditional IRA with T R Price 100,000 Federal income tax refund receivable 4,000 Credit card and household bills 21,000 Funeral expenses 9,000 Attorneys fees 24,000 Accounting fees 10,000 Appraisal fees and court costs 6,000 Unpaid pledge to Catholic Charities (paid by the estate during its administration) 400,000 Charitable contribution to the American Red Cross 250,000 Charitable contribution to the American Cancer Society 250,000 As the executor of the estate, one of your responsibilities is to file Form 706 for the estate Therefore, you will need to determine the amount of her gross estate, appropriate deductions, taxable estate, and the net estate tax liability

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May, age 84, died Sept. 19, 2019. At the time of her death, she owned, completely or partially, the following assets: Her late husband, John,

May, age 84, died Sept. 19, 2019. At the time of her death, she owned, completely or partially, the following assets:

Her late husband, John, had established a trust with being an income beneficiary and their two children receiving a remainder interests. The executor of Johns estate made the QTIP election. At the time of her death, the value of the trust was $7.5 million.
May owned three insurance policies one on her life and one on the life of each child. Each policy has a maturity value of $1,000,000; all name May or her estate as the beneficiary. As of Sept. 19, the policies on each child have a cash surrender value of $200,000.
A tract of undeveloped land that was inherited from her father (Cost=$200,000; FMV=$600,000 at his death) that was held as tenants in common with her two children. The land was worth $1,250,000 at the time of her death.
A tract of undeveloped land was purchased by May in 2002 for $300,000. As of Sept. 19, the land is worth $2.3 million and has a $500,000 mortgage.
A family vacation lodge in Union, SC, was held as joint tenants with the right of survivorship in the names of May and each child. The property was purchased in 2002 for $350,000; $150,000 of which was provided by May and $100,000 from each child. On Sept. 19, the lodge was worth $1.4 million.
Rental beach cottages in Destin, FL, were inherited from John and worth $1.2 million.
May owns her residence, which is valued at $2.8 million.
May had been injured in a car accident on July 28, 2018. The accident was caused by the delivery truck of a national soft drink bottling company. Not only was the truck in disrepair, but the driver was charged with DUI. To avoid the adverse publicity of a lawsuit involving obvious gross negligence, the corporate office offered to settle any claims. The estate received $700,000 in cash plus payment of all medical expenses. Of the medical expenses, the doctors and hospitals were paid directly by the bottling company.
May had made prior taxable gifts of $600,000 to each child.
In addition to the above, May had the following:

Checking account cash $ 18,000

State of Minnesota bonds 205,000

Personal and household effects 160,000

Traditional IRA with T. R. Price 100,000

Federal income tax refund receivable 4,000

Credit card and household bills 21,000

Funeral expenses 9,000

Attorneys fees 24,000

Accounting fees 10,000

Appraisal fees and court costs 6,000

Unpaid pledge to Catholic Charities

(paid by the estate during its administration) 400,000

Charitable contribution to the American Red Cross 250,000

Charitable contribution to the American Cancer Society 250,000

As the executor of the estate, one of your responsibilities is to file Form 706 for the estate. Therefore, you will need to determine the amount of her gross estate, appropriate deductions, taxable estate, and the net estate tax liability.