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STATEMENT OF FINANCIAL POSITION (HARRISON & WENDY) ASSETS LIABILITIES AND NET WORTH Cash/Cash Equivalents Liabilities JTROS Cash $ 3,232,570 Current Liabilities Total Cash/Cash Equivalents $3,232,570 CP Credit Card 1 $317,688 CP Credit Card 2 $22,755 Invested Assets Total Current Liabilities $340,443 CP Hoppy Days Brewery $ 11,250,000 H Inherited Stock Portfolio $ 711,000 W Life Insurance on Wendy $ 2,000,000 Long-Term Liabilities TC Rental Property $ 875,644 CP Mortgage - Primary $925,605 W Inherited Stock Portfolio $ 5,510,000 W Mortgage - Vacation Home 2 $204,555 Total Investments $20,346,644 CP Yacht $742,125 Total Long-Term Liabilities $1,872,285 Personal Use Assets CP Primary Residence $ 2,850,000 H Vacation Home 1 $ 1,233,300 Total Liabilities $2,212,728 W Vacation Home 2 $ 645,200 CP Personal Property $ 500,000 H Auto 1 $ 94,300 W Auto 2 $ 48,350 Net Worth $30,210,561 CP Vintage Bentley $ 348,725 CP Yacht $ 3,124,200 Total Personal Use $8,844,075 Total Assets $32,423,289 Total Liabilities and Net Worth $32,423,289 Notes to Financial Statements:

1. Assets are stated at fair market value (rounded to even dollars).

2. Liabilities are stated at principal only (rounded to even dollars).

3. The adjusted basis of the primary residence is $1,600,000.

4. Wendy received vacation home 2 from her grandmother, Lois. Wendy and Lois were always very close and Lois gave her the home when Ali was first born so Wendy could enjoy motherhood as much as Lois had. Lois purchased the vacation home for $15,000 and the FMV of the home at the date of transfer was $280,000. The FMV when Lois died was $350,000.

5. The life insurance policy has Wendy listed as the designated beneficiary. The inherited stock portfolios are Transfer on Death accounts with Ali, Jae, and Constance as the listed beneficiaries of both Harrison and Wendys shares.

6. The Yacht was purchased by Harrison after his House Boat was destroyed by a Hurricane.

7. Property Ownership: CP - Community Property. TC Tenants in Common with Harrison owning 80% and Wendy owning 20%. JTROS Joint with rights of survivorship with Harrison & Wendy. H - Husband separate. W - Wife separate.

8. Insurance face value (death benefit) and the cash value of $2,000,000 are the same. Answer the following questions. Assume the facts given in the fact pattern and that the 2023 estate and gift tax rates and annual exclusion apply unless otherwise indicated. (Numbers are rounded for convenience.)