On July 1, 20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $1,600,000 of 8-year, 10% bonds at a market (effective) interest rate of 12%, receiving cash of $1,438,312. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required:. For all journal entries, if an amount box does not require an entry, leave it blank.

In 2015, lori assigned a paid-up whole life insurance policy to an irrevocable life insurance trust (ilit) for the benefit of her three children. the ilit contained a crummey provision for the benefit of each child. at the time of the transfer, the whole life insurance policy was valued at $200,000, and since lori had not made any other taxable gifts during her lifetime, she did not owe any gift tax. lori died in 2016, and the face value of the whole life insurance policy of $2,000,000 was paid to the ilit. regarding this transfer, how much is included in lori’s gross estate at her death?