Taxes at Death Scenario

Diana died last night leaving behind a son, age $34$ and a daughter, age $31.$ Diana's son is independent, but her daughter was born with Down syndrome and has always lived with her mother. Now that Diana has died, her daughter will likely move into a group home where she will receive the support she needs.

In her will, Diana directed that the proceeds from her investment portfolio and the Universal Life insurance policy be used to create a testamentary trust. Her daughter would be sole beneficiary for income and capital from the trust. On her daughter's death, the trust would be wound down and the remaining trust assets paid out to her son. She named her son as the beneficiary for the residue of her estate.

Ignoring any deductions and tax credits to which she might otherwise be entitled, calculate to the nearest dollar $($$$)$ the income taxes that would be payable in Diana's final income tax return on the assets listed below. Show all your work and use the following assumptions:

a$.$ Unless indicated otherwise, each asset is left to Diana's estate

b$.$ An average tax rate of $34\%.$

$\backslash$table$[[$Diana$\text{'}$s assets at death:,FMV$,$ACB,$],[$Savings account,$5,000,$$$,5,000],[$Home$,650,000,250,000,],[$RRSP$,200,000,120,000,],[$Diana$\text{'}$s interest in country property,$450,000,150,000,],[$Universal Life insurance policy death benefit,$300,000,300,000,],[$Non$-$registered investment portfolio,$220,000,150,000,]]$