MANAGEMENT

Detailed explanation-1: -"Gross estate” is a term used to describe the total dollar value of an individual’s assets at the time of their death. A gross estate value does not consider his figure debts owed and tax liabilities. Once liabilities are deducted from a gross estate value, the remaining sum represents the estate’s net value.

Detailed explanation-2: -Gross estate includes essentially all substantially valuable property owned by the person at death, including real estate, cash, stocks, life insurance, jewelry, furniture, and owed debts. Any taxable gifts made by the individual after 1976 will be included in the taxable estate.

Detailed explanation-3: -The properties comprising the gross estate shall be valued based on their fair market value as of the time of decedent’s death. The fair market value as shown in the schedule of values fixed by the provincial and city assessors.

Detailed explanation-4: -A deduction from the gross estate is allowed for funeral expenses, administration expenses, claims against the estate, certain taxes, and unpaid mortgages or other indebtedness allowable under the local law governing the administration of the decedent’s estate ( Code Sec.