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C:13-35 Transferor Provisions. Val died on May 13, 2021. On July 3, 2018, she gave a $400,000 life insurance policy on her own life to son Ray. Because the value of the policy was rela- tively low, the transfer did not cause any gift tax to be payable. a. What amount was included in Val's gross estate as a result of the 2018 gift? b. What amount was included in Val's gross estate if the property given was land instead of a life insurance policy? c. Refer to Part a. What amount would have been included in Val's gross estate if she instead gave Ray the policy on April 30, 2017? C:13-35 Transferor Provisions. Val died on May 13, 2021. On July 3, 2018, she gave a $400,000 life insurance policy on her own life to son Ray. Because the value of the policy was rela- tively low, the transfer did not cause any gift tax to be payable. a. What amount was included in Val's gross estate as a result of the 2018 gift? b. What amount was included in Val's gross estate if the property given was land instead of a life insurance policy? c. Refer to Part a. What amount would have been included in Val's gross estate if she instead gave Ray the policy on April 30, 2017