Myrtle had been sick for quite some time and she passed away in July. Her will indicated her beneficiaries are to receive the following:

• Miriam, her daughter, will receive Myrtle’s home worth \($250,000\) at the time of Myrtle’s death and cash of \($150,000\) 

• Michael, her son, will receive the lake house and boat worth \($400,000\)

• Ben, her nephew, will receive Myrtle’s 1970 Corvette worth \($30,000\)

• Three grandchildren will receive cash of \($25,000\) each

• Miriam and Michael will share life insurance proceeds of \($500,000\)

• Miriam and Michael will share Myrtle’s IRA account worth \($100,000.\) They both had their share distributed to them this year.

How much must each beneficiary report on their tax return as includible income?