With regard to the irrevocable trust, how much is included in Gene's gross estate?

Administration Of Wills/Trusts/ And Estates
5th Edition
ISBN:9781285281308
Author:Brown
Publisher:Brown
Chapter8: Trusts
Section: Chapter Questions
Problem 2CTD
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Gene contributed $500,000 to an irrevocable trust and did not retain any right to the trust's assets.  The income beneficiary of the irrevocable trust was Gene's sister, and the remainder beneficiary of the irrevocable trust was Gene's niece.  At the time of the transfer, Gene paid gift tax of $35,000.  Gene died four years later, when the value of the irrevocable trust was $1,200,000.  With regard to the irrevocable trust, how much is included in Gene's gross estate? 

$0

$35,000

$500,000

$1,200,000

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