Problem
Two years ago Josh gave a life insurance policy with a $500,000 death benefit to his daughter Joanne. At the time of the gift, the fair market value of the life insurance policy was $60,000. Josh had to pay $5,000 in gift tax. Josh died unexpectedly this year. What amount would be included Josh's gross estate with respect to this life insurance policy?
o $5,000
o B. $60,000
o C. $500,000
o d. $505,000
The response should include a reference list. Using double-space, Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.