Question 1b: Inheritance Tax Richard Junior's father, Stefano, had died on 24 September 2020 and left an estate valued at 950,000 to his wife. Stefano had made the following transfers of gift during his lifetime. The trust is liable for any payment of inheritance tax (IHT). Date Gifts made Amount, 12 November 2010 Relevant property trust 272,000 01 April 2016 Stefano's son, Richard Junior 300,000 Requirement Discuss and show all the necessary workings to Richard Junior on any inheritance tax liability. (Q1b: 16 Marks)