Lerner co. had the following securities outstanding during 2018: 200,000 shares of common stock
20,000 shares of convertible preferred stock
the preferred stock is convertible into 40,000 shares of common stock.
$600,000 of 10% convertible bonds
each $1,000 bond is convertible into 45 shares of common stock. during 2018, lerner paid dividends of $0.55 per share on the common stock and $1.80 per share on the preferred stock. the net income for 2018 was $360,000 and the income tax rate was 30%. 28. basic earnings per share for 2018 is (rounded to the nearest penny)

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?