What constitutes a gross estate?

The gross estate encompasses all types of assets owned by an individual at the time of their death, without regard to any liabilities or debts. This includes not only real estate holdings but also personal property, cash, securities, and any other assets that the decedent owned. By defining the gross estate in this manner, it provides a comprehensive view of the decedent's total wealth, which is essential for determining tax obligations and the distribution of assets.

The other options limit the definition of gross estate to specific categories of assets, which does not accurately reflect the full scope of what constitutes the gross estate as recognized in estate planning and tax law. Therefore, option B provides the most accurate and complete definition of a gross estate.