Ben dies $10/21/2023.$ Ben died with the following assets $($all with accurate

appraisals where applicable$)$ all of which are in his name only:

House $ $2,000,000$

Cash $300,000$

Corporate Bonds $750,000$

Various Common Stock $8,250,000$

Whole Life Insurance

Payable to Ben$$s Estate $500,000$

$401($k$)600,000$

Miscellaneous & Autos

$($Classic Corvette & GTO$)200,000$

Ben$$s children, Margaret and Frank, inherit equally all the properties above.

Other Information and assumptions:

$$ Use $$17,000$ for the annual gift tax exclusion for all years

$$ Use $$12,920,000$ for applicable exclusion for all years

$$ Ben only made the gifts in $2019($See your $709$ Problem solution$)$

$$ Ben was never married

$$ Ben has always been a US citizen

$$ No valuation discounts will be claimed

$$ Invent your own addresses, Taxpayer Identification Numbers and any other information needed to

complete Form $706$

$$ No alternate valuation election is made

$$ No transfers are subject to generation skipping transfer tax

$$ No one filed a disclaimer

$$ Margaret is the sole Executor of Ben$$s estate

$$ No state estate tax will be paid

$$ Use a $$0$ entry for Part $2,$ Lines $3$b$,9$b$,9$c$,10,13,14,17$ & $19$; and Part $5,$ Lines $10$ & $23$

$$ For Part $2,$ Line $7$ use your entry for the $709$ Problem, Line $19$

$$ Ben was the insured and owner of the life insurance policy

$$ Ignore I.R$.$C$.$ Section $2035($b$)$ for these problems

$$ Form $712$ is not required.

The estate paid $$10,000$ in funeral expense and $$15,000$ of other administrative expenses. The estate also paid

$$40,000$ in legal fees and $$75,000$ in executor fees to administer the estate. All of these expenses were paid by the

due date of the estate tax return. There was a $$400,000$ mortgage on the house at the date of death and Ben was

personally liable to repay the mortgage. The Estate will pay off this debt. No reimbursements will be paid to the

Estate or to any heir for any of these expenses. Ben$$s Last Will also directed the Estate to pay $$100,000$ as a

charitable gift to the Raptor Protection Society which is a qualified charity eligible to receive tax deductible

contributions.

Required:

Part A$.$ Work on your own to prepare a Federal Estate Tax return $($Form $706$Schedules A$,$ B$,$ C$,$ D$,$ F$,$ I, J$,$ K and O and parts $1,2$ and $5$ of pages $1-4.)$it must be taken into account for this $706$ problem. Assume that all gift and estate tax rates and rules are the

same for all years