Rowene died during the current tax year on March 27. The executor of her estate property elected the alternate valuation date to value her property. A parcel of land that she owned was valued as follows:

March 27$500,000

September 27$400,000

October 15$375,000

The land was distributed to her beneficiary, Margaret, on October 15. This land should be included in her gross estate at what value?

$ 0.

$375,000.

$400,000.

$500,000.