The following data from the just completed year are taken from the accounting records of mason company:
sales $ 660,000
direct labor cost $ 80,000
raw material purchases $137,000
selling expenses $108,000
administrative expenses $40,000
manufacturing overhead applied to work in process $204,000
actual manufacturing overhead costs $220,000

inventories begining of year end of year
raw materials 8000 1000
work in process 5000 20,000
finished good 70,000 25,000

prepare an income statement.

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?