Problem
Scenario: Before his death in early 2014, Jerry made the following transfers. Determine how much of each is included in the gross estate:
Purchased an insurance policy in 2005 on his life for $250,000 with his son Terrell as the sole beneficiary of $1,000,000.
Gifted a piece of residential real estate in 2010 (basis: $40,000; FMV $120,000 at death) to his daughter Anastasia.
Established a bank account with his mother as joint tenants with rights of survivorship with assets of $30,000.
In 2000, purchased stock in BADEC, Inc. for $100,000, listing title as follows:
"Jerry, payable on proof of death to my son Terrell." The stock is valued at $250,000 upon Jerry's death.
The question is based on determining how much estate tax is due for each of the items.