What is the value of cedric's gross estate assuming the date of death valuation is selected?
Property Name | Fair Market Value as on 1/1/2018 | To be included in gross estate (Yes/No) | If yes amount | If No, comments |
---|---|---|---|---|
House | 5,12,500 | Yes | 5,12,500 | |
Boat | 32,500 | Yes | 32,500 | |
IRA | 3,00,000 | Yes | 3,00,000 | |
Annuity | 3,25,000 | Yes, as the annuity is a joint and survivor annuity the amount to be included for the gross estate computation will be only the amount that was contributed by Cedric which is nothing but the basis for the asset, 125000 | 125,000 | |
Note receivable | 3,50,000 | Yes | 3,50,000 | |
Personal Property | 60,000 | Yes | 60,000 | |
Car | 44,070 | Yes | 44,070 | |
Rental Property | 6,45,000 | Yes | 6,45,000 | |
Investment Account | 1,850,000 | No | - | this will not be included in the gross estate assuming the court has verified all the documents and the beneficiary is Daphne |
Proceeds from suing the balloon operator and gift tax | 1890450 | No | - | to be determined at the time of computing probate asset of Cedric |
Total | 4,119,070 | 2,069,070 |
What is the value of cedric's gross estate assuming the date of death valuation is selected? Use the followi...
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