All the income. That's similar to what I had found. So looks like it needs to be discounted to present value assuming the value will be the same in the future upon death of the income beneficiary as it was on the date of death of the decedent for whom the 706 is being filed for, no matter whether it is generally an appreciating asset (stocks for example) or not. The only exception I have found is for real estate, which is valued at current value and not discounted.