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

Question

Efrain Tapia

Business

17 August, 12:56

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

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Amber Hess · Answer 1

The amount included in Janette's gross estate is $1,800,000

Explanation:

We cannot include the gisft gven ti Lora by Jannette as a part of Jannette's estate. Therefore, The git is part of Lora's estate.

To calculate the amount included in Jaettes gross estate it will be:

60 percent of the new price $ 3,000,000

(60/100) * $ 3,000,000 = $1,800,000