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Leslie, a widow, died on October 31, 2012. Leslie had never made any taxable gifts during her lifetime. On her death, she owned the following property: A vacation beach house that had a basis to Leslie of $3,000,000 and a fair market value on the date of Leslie's death of $2,000,000, a vacant lot that she owned with her sister Melissa, as tenants in common. At Leslie's death, her basis in her interest in the lot was $2,000,000, and the fair market value of her interest in the lot was $2,000,000. Leslie owned publicly traded stock with a basis of $1,500,000 and a fair market value of $1,000,000 that was held in a transfer on death account, her sister Melissa being the beneficiary. (Assume all assets have the same value on the alternate valuation date as on the date of death). What is the amount of Leslie's gross estate for federal estate tax purposes?

a. 0

b. $4,000,000.

c. $5,000,000.

d. $6,500,000.

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  • Reference No.:- M939003

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