Business

6 July, 20:49

In 2005, Mandy and Hal (mother and son) purchased land for $600,000 as joint tenants with right of survivorship. Of the $600,000 purchase price, Mandy provided $300,000 and Hal $300,000 (of which $200,000 had been received as a gift from Mandy). Hal dies first when the land is worth $3,000,000.

As to the land, Hal's gross estate must include:

a. $500,000.

b. $1,500,000.

c. $2,500,000.

d. $3,000,000.

e. None of the above.

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