At the time of her death in 2009, Ida was a participant in her employer's qualified pension plan. Her accrued balance in the plan is:
Employer's contribution
$900,000
Ida's contribution
400,000
Income earned by plan
600,000
Ida also was covered by her employer's group term life insurance program. Her policy (maturity value of $100,000) is made payable to James (Ida's husband). James is also the designated beneficiary of the pension plan.
i.Regarding these assets, how much is included in Ida's gross estate?
ii.In Ida's taxable estate?
iii.How much income must James recognize?