Please show all work

Use the following scenario to answer questions 1 and 2. This is worth a total of 15 points. Please show all of your work. Literally make a list of what you are including and its value for both. Each incorrect/missed item will be worth one point each. Donny died on January 1, 2020 after a drunk driver hit his car. The property that he owned at the time of his death included the following: FMV on Basis FMV on FMV on FMV on Property FMV on 1/1/20 4/1/20 7/1/20 10/1/20 1/1/21 House $200,000 $350.000 $354,393 $358,842 $363,346 $367,907 Boat $40,000 $38.000 $37,527 $37,060 $36.599 $36,143 Annuity $100,000 $300,000 $275,840 $251,193 $266,050 $200,401 Note Receivable $40,000 $200.000 $190.918 $181.744 $172.479 $ 163,121 Personal Property $100,000 $30,000 $29,627 $29,258 $28,894 $28,534 Car $47.500 $25,000 $24,689 $24,381 $24,078 $23,778 Rental Property $230,000 $400.000 $411,101 $422.510 $434.236 $446,288 Total $757,500 $1,343,000 $1,324,095 $1,304,988 $1,285,682 $1,266,172 All property listed above was owned in sole ownership by Donny. The annuity is a joint and survivor annuity and will continue to pay his wife Jeanette for her lifetime. Donny's will leaves all probate assets to his son and daughter in equal shares. Donny also owned a life insurance policy on his life. His basis in the policy was $89,000 and the death benefit was $1,000,000. The beneficiary of the insurance policy was Donny's daughter, Cheryl. The family sued the drunk driver and received $500,000 for wrongful death payable to Jeanette and $200,000 for Donny's pain and suffering payable to Donny's estate. Donny made substantial gifts during his life. He paid gift tax of $98,000 in 2007 and $67,200 on April 15, 2018. Donny's funeral cost $15,000. The car was sold 4/1/20 for its fair market value on that date in order to pay for Donny's $16,000 hand-carved marble headstone. Donny had $250,000 of medical expenses from the accident, but all expenses were covered by his medical insurance. The note receivable was being paid monthly SHOW ALL ITEMS WITH VALUE OF EACH ITEM AND A TOTAL VALUE FOR THE FOLLOWING: IF YOU DO NOT FOLLOW THESE INSTRUCTIONS YOU WILL LOSE POINTS AS I WILL NOT TAKE TIME TO FIGURE OUT THE ITEM OR VALUE YOU HAVE USED IN YOUR CALCULATION! 1. What is the value of Donny's gross estate assuming the date of death valuation is selected? (7.5 Points) 2. What is the value of Donny's gross estate assuming the alternate valuation date is selected? (7.5 Points) Use the following scenario to answer questions 1 and 2. This is worth a total of 15 points. Please show all of your work. Literally make a list of what you are including and its value for both. Each incorrect/missed item will be worth one point each. Donny died on January 1, 2020 after a drunk driver hit his car. The property that he owned at the time of his death included the following: FMV on Basis FMV on FMV on FMV on Property FMV on 1/1/20 4/1/20 7/1/20 10/1/20 1/1/21 House $200,000 $350.000 $354,393 $358,842 $363,346 $367,907 Boat $40,000 $38.000 $37,527 $37,060 $36.599 $36,143 Annuity $100,000 $300,000 $275,840 $251,193 $266,050 $200,401 Note Receivable $40,000 $200.000 $190.918 $181.744 $172.479 $ 163,121 Personal Property $100,000 $30,000 $29,627 $29,258 $28,894 $28,534 Car $47.500 $25,000 $24,689 $24,381 $24,078 $23,778 Rental Property $230,000 $400.000 $411,101 $422.510 $434.236 $446,288 Total $757,500 $1,343,000 $1,324,095 $1,304,988 $1,285,682 $1,266,172 All property listed above was owned in sole ownership by Donny. The annuity is a joint and survivor annuity and will continue to pay his wife Jeanette for her lifetime. Donny's will leaves all probate assets to his son and daughter in equal shares. Donny also owned a life insurance policy on his life. His basis in the policy was $89,000 and the death benefit was $1,000,000. The beneficiary of the insurance policy was Donny's daughter, Cheryl. The family sued the drunk driver and received $500,000 for wrongful death payable to Jeanette and $200,000 for Donny's pain and suffering payable to Donny's estate. Donny made substantial gifts during his life. He paid gift tax of $98,000 in 2007 and $67,200 on April 15, 2018. Donny's funeral cost $15,000. The car was sold 4/1/20 for its fair market value on that date in order to pay for Donny's $16,000 hand-carved marble headstone. Donny had $250,000 of medical expenses from the accident, but all expenses were covered by his medical insurance. The note receivable was being paid monthly SHOW ALL ITEMS WITH VALUE OF EACH ITEM AND A TOTAL VALUE FOR THE FOLLOWING: IF YOU DO NOT FOLLOW THESE INSTRUCTIONS YOU WILL LOSE POINTS AS I WILL NOT TAKE TIME TO FIGURE OUT THE ITEM OR VALUE YOU HAVE USED IN YOUR CALCULATION! 1. What is the value of Donny's gross estate assuming the date of death valuation is selected? (7.5 Points) 2. What is the value of Donny's gross estate assuming the alternate valuation date is selected? (7.5 Points)