Question:
Suppose the decedent dies in 2006 and has interests in the following assets: $400,000 residence owned jointly with right of survivorship with her husband; $500,000 real estate parcel owned jointly with right of survivorship with her sister (decedent furnished all consideration); $200,000 brokerage account owned as a tenancy-in-common with her mother; $1,000,000 in mutual funds. Additionally, in 2004, the decedent gave her $1 million life insurance policy to her mother. What is the value of the decedent's gross estate? Itemize.