Mr. Horris dies on June 30 of the current year. Based on the following facts, compute his gross estate. Last year, he gave cash of $10,000 to his friend. No gift tax was owed on this gift. He held property jointly with his brother. Each paid $30,000 of the total purchase price of $60,000. FMV on the date of death was $100,000. Two years ago, he purchased a life insurance policy on his life and gave it as a gift to his sister. He retained the right to change the beneficiary. Upon his death, his sister received $150,000 under the policy. Five years ago, he gave his son a summer house (FMV $125,000). He continued to use it until his death under an agreement with his son. FMV at date of death was $175,000. On the date of death he owed $50,000 mortgage on his personal residence (FMV $350,000). His funeral expenses were $10,000