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Tony died earlier this year and the forensic accountant found the following assets and liabilities. You have been asked to determine the value of the

Tony died earlier this year and the forensic accountant found the following assets and liabilities. You have been asked to determine the value of the taxable estate. Town house acquired with community funds in Tonys name only owned in JTROS with daughter with a FMV of $860,000. Daughter was added to title later. Condo in Arizona owned as community property with a FMV of $560,000 Residence in Colorado FMV $820,000 Tony acquired before the marriage. Bank account opened funded during the marriage that has a POD for wife $30,000. Life insurance acquired during the marriage with premiums paid from community funds on Tonys life gifted to wife last year w/face value $1,000,000. Antique automobile Tony inherited from his father he gave to his son four years ago but insurance paid by Tony and Tony drove it half the time $62,000 Life insurance policy acquired during the marriage with premiums paid from community funds on wifes life with face value of $90,000 and FMV of $6,000. Gift to son of stocks acquired prior to marriage valued at $56,000 in 2005 and is in a revocable trust which has FMV of $42,000 at death? Trustee for his brothers trust with his nephews being beneficiaries $80,000 Rolex watch Tony received as a 50th birthday gift from his wife. Tony gave it to son two years ago wherein son gets watch at Tonys death. Future interest value at gift was $12,000 and the FMV at death is $14,000 Mortgage on condo in Arizona $120,000 Mortgage on residence $600,000 Funeral and Administrative expenses $82,000 Bequest to Red Cross $120,000 Bequest to spouse $30,000 What are the gross estate, adjusted gross estate and taxable estate values? Please show work

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