Two years ago Josh gave a life insurance policy with a $500,000 death benefit to his daughter Joanne. At the time of the gift, the fair market value of the life insurance policy was $60,000. Josh had to pay $5,000 in gift tax. Josh died unexpectedly this year. What amount would be included Josh’s gross estate with respect to this life insurance policy?
a. $5,000
B. $60,000
C. $500,000
d. $505,000
6 years ago
Answer
NOT RATED
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