Question

Mason buys real estate for $1,937,000 and lists ownership as follows: Mason and Dana, joint tenants with the right of survivorship. Mason dies first, when the real estate is valued at $2,518,100. How much is included in Masons gross estate if Mason and Dana are (a) brother and sister and (b) husband and wife

Answer 1

Answer:

a. $2,518,100

b.  $1,259,050

Explanation:

The computation is shown below:

a. As a brother and wife whole amount is to be involved i.e. $2,518,100 in the gross estate

b. And as a husband and wife only half amount of real estate is involved as Mason is died

So the half amount would be

= $2,518,100 ÷ 2

= $1,259,050