What portion of the property, co-owned by Jacob and Liza Viceroy, will be included in the...
What portion of the property, co-owned by Jacob and Liza Viceroy, will be included in the gross estate of the first to die in the following independent cases?
a. They were married, Jacob dies first, the property was held as tenants by the entirety, and Liza paid for it.
b. They were not married, owned the property as joint tenants with right of survivorship, Liza died first, and Jacob paid for it. Nothing would be included in the gross estate. c. It was community property, Jacob paid for it, and died first. 50% would be included in the gross estate.
d. They were married, the property was owned as tenants in common (Jacob 60 percent, Liza 40 percent), Jacob died first, and had paid for it.
Homework Answers
a) Solution: 50 percent
Explanation: According to the Code Sec. 2040(b) one-half of the value will be included in the gross estate in the case of first to die
b) Solution: Nothing (Code Sec. 2040 (a))
Explanation: According to the Code Sec. 2040 (a) nothing will be included in the gross estate
c) Solution: 50 percent (Code Sec. 2033)
Explanation: According to the Code Sec. 2033 gross estate value will be included to the extent of the therein interest of the decedent at the his death's time
d) Solution: 60 percent (Code Sec. 2033)
Explanation: According to the Code Sec. 2033 gross estate value will be included to the extent of the therein interest of the decedent at the his death's time
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