63. Comprehensive Problem. When Howard Foth died in the current year, in addition to his $11,405,000 of certificates of deposit and investment property worth $200,000, the following facts were disclosed by the executor:

a. In 1991, Howard Foth decided to see what kind of fiduciary the Bank of Georgia would be for his assets. However, he did not want to establish an irrevocable trust because the fiduciary might not perform up to expectations and he might need the property later for his own retirement needs. Consequently, Howard established a revocable trust funded at $300,000, but the FMV at death was $700,000.

b. In 2001, Howard Made a taxable gift of $90,000 to his daughter, Bertha. Due to the unified credit, Howard did not incur any gift tax.

c. In 1999, Howard purchases a paid-up life insurance policy with a face value of $300,000 payable at death to the executor of the estate to use against any estate taxes that might be due.

d. In 1987, Howard's mother had left him a general power of appointment over a trusted value at $215,000. This power was subject to the standard of comfort.

e. Funeral expenses were $30,000, and admin expenses of $70,000 are considered necessary for Howard's estate.

f. Howard left his wife, Bella, $600,000 outright in certificates of deposit.

g. The executor paid $40,000 in state death taxes to the state of Georgia.

Compute the net estate tax payable.