Part 1: John, who was single, died in 2018 and has a gross estate valued at $8,525,000. Six months after his death, the gross assets are valued at $9,050,000. The estate incurs funeral and administration expenses of $145,000. John had debts totaling $130,000 and bequeathed his estate to his children. During his life, John made no taxable gifts. 1.What is the amount of Johns taxable estate? 2.What is the tax base for computing Johns estate tax? 3.What is the amount of estate tax owed if the tentative estate tax (before credits) is $3,235,800? 4.Alternatively, if, six months after his death, the gross assets in Johns estate declined in value to $7,500,000, can the administrator of Johns estate elect the alternate valuation date? What are the important factors that the administrator should consider as to whether the alternate valuation date should be elected?