Transferor Provisions. Val died on May 13, 2009. On July 3, 2007, she offered a $400,000 life insurance policy on her own life to son Ray. For the reason that the value of the policy was relatively low, the transfer didn't cause any gift tax to be payable.
a. What amount was comprised in Val's gross estate as a result of the 2007 gift?
b. What amount was comprised in Val's gross estate if the property given was land instead of a life insurance policy?
c. Refer to Part a. What amount would have been comprised in Val's gross estate if she instead gave Ray the policy on April 30, 2006?