Question

Compute the amount related to the joint interest included in the gross estate under the following independent scenarios. a. Janette and Lola, who are sisters, acquire an apartment building, ownership listed as joint tenancy with right of survivorship. Janette furnished $1,200,000 and Lola $800,000 of the $2,000,000 purchase price. Of the $800,000 provided by Lola, $200,000 had previously been received as a gift from Janette. When the property is worth $3,000,000, Janette died. What amount is included in Janette's gross estate? $ 0

. b. Ramon and Bridget Stamons are married. Ramon purchases a new residence for $280,000 (Bridget does not contribute any funds to acquire the house). However, Ramon listed title to the property as “Ramon and Bridget Stamons, tenancy by the entirety with right of survivorship.” Ramon dies when the house is valued at $300,000. What amount is included in Ramon's gross estate? $ 0 .

" 0" IS WRONG ANS. PROVIDE ME THE CORRECT ANS.

Answer 1

a) Janette's gross estate is $ 1,800,000 i. e. 60% of $ 3,000,000. Gift made to Lora is the part of Lora's estate not Janette's estate.

b) Ramon's gross estate is $ 300,000.

Under the joint tenancy with right of survivorship when someone died then his or her gross estate revalued at fair market value and then gross estate of deceased passed to his or her legal heir.