Please show your work using Form 706. Please do not copy from other answers on Chegg...they are all wrong.

Aaron Thompson of 725 Midwest Ave, Omaha, NE 68107 died on November 24, 2016. He was survived by his wife, Rachel, and their son, John. At the time of his death, Aaron was employed by a microchip manufacturer as a staff accountant. The executor reports that he has discovered the property listed below:

1. Automobile in Aarons name $20,000

2. Qualified retirement plan funded by Aarons employer 850,000

3. Stocks in public companies in the name of Aaron 1,325,000

4. Checking account, Aaron and Rachel, joint tenants with right of survivorship 12,000

5. Undeveloped land (not leased or farmed) in the name of Aaron 4,040,000

6. Face value of term life insurance policy on Aarons life 2,100,000

Other information includes the following:

1. Aarons funeral expenses were $8,400 and the estates administrative expenses were $23,000.

2. The estate paid state estate taxes of $54,000.

3. Aaron willed his stocks to Rachel and the rest of his property to John.

4. Rachel is the beneficiary of the retirement plan.

5. Aaron owned the life insurance policy, and his estate is the beneficiary.

6. Aaron made his only taxable gift, $6.5 million taxable amount, in December 2013 and paid all the gift taxes from an account solely in his name.

7. Aaron owed $12,300 on a car loan

8. Assume the estates marginal income tax rate will be 33%.