Problem 18-38 (Algorithmic) (LO. 6) At the time of her death on September 4, Alicia held the following assets: Fair Market Value Bonds of Emerald Tool Corporation $3,520,000 Stock in Drab Corporation 4,224,000 Insurance policy (face amount of $1,408,000) on the life of her father, Mitch 281,600 Traditional IRAs 1,056,000 *Cash surrender value. Alicia also held a lifetime income interest in a trust (fair market value of trust assets $3,500,000) created by her late husband Bert. (The executor of Bert's estate had made a QTIP election.) In October, Alicia's estate received an interest payment of $18,000 ($9,000 accrued before September 4) paid by Emerald and a cash dividend of $12,800 from Drab. The Drab dividend was declared on August 19 and was payable to date of record shareholders on September 3. Although Mitch survives Alicia, she is the designated beneficiary of the insurance policy. The IRAs are distributed to Alicia's children. The amount included in Alicia's gross estate for these items is $ 12,014,600 X. Feedback Check My Work Simply stated, the gross estate includes all property subject to the Federal estate tax. This depends on the provisions of the Internal Revenue Code as supplemented by IRS pronouncements and the judicial interpretations of Federal courts