7. Betty dies on February 20 of the current year. Her estate consisted of the following assets, all valued as of her date of death:Stock with a basis of $40,000 and a fair market value of $200,000Home valued at $1,500,000 and a basis of $490,000Cash of $70,000Life insurance on Betty’s life owned by her daughter with a $500,000 face valueWhat is Betty’s gross estate?a. $600,000b. $1,100,000c. $1,770,000d. $2,270,000
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