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In 1988, Triton and Ariel (father and daughter) purchased real estate for $500,000, listing the title...

In 1988, Triton and Ariel (father and daughter) purchased real estate for $500,000, listing the title as “Triton and Ariel, joint tenants with right of survivorship.” Of the purchase price, Triton furnished $400,000 and Ariel furnished $100,000. If Triton dies first in the current year when the property is worth $1,000,000, his gross estate must include:

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$500,000

$600,000

$800,000

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Answer #1

Triton's gross estate must include $800,000, because his share of current worth of the real estate is 1,000,000 x 4/5.

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