Determination of estate tax. Charles Kamp, a divorced person, died in February of the current year with an estate consisting of assets valued at $7,008,000 and liabilities of $380,000. Charles’s will...

Determination of estate tax. Charles Kamp, a divorced person, died in February of the current year with an estate consisting of assets valued at $7,008,000 and liabilities of $380,000. Charles’s will contained the following provisions:

a. Robert Sullivan would serve as executor of the estate and trustee for the Kamp Children Trust.

b. Timberland with a market value of $560,000 would be placed in a charitable remainder trust. The income from the trust would accrue to the benefit of his sister Marsha Kamp Rodriquez. Income would be reduced by the depletion charge associated with the number of board feet of lumber harvested.

c. Securities with a value of $25,000 would be given to the Milwaukee Art Museum, recognized as a charitable organization.