Following are the fair market values of Wilma's assets at her date of death: $$\begin{array} { | l | r | }
\hline \text { Personal effects and jewelry } & \$ 150,000 \
\hline \text { Land which Wilma bought and held as a joint } \
\text { tenant with right of survivorship with her sister } & 800,000 \
\hline
\end{array}$$ The executor of Wilma's estate did not elect the alternate valuation date. The amount includible in W gross estate is

Question

Following are the fair market values of Wilma's assets at her date of death: $$\begin{array} { | l | r | } 
\hline \text { Personal effects and jewelry } & \$ 150,000 \
\hline \text { Land which Wilma bought and held as a joint } \
\text { tenant with right of survivorship with her sister } & 800,000 \
\hline
\end{array}$$ The executor of Wilma's estate did not elect the alternate valuation date. The amount includible in W gross estate is

Quizplus · Accepted Answer

The gross estate includes the fair market value of all property owned by the decedent at the time of death. This includes personal effects, jewelry, and the full value of jointly held property with right of survivorship unless it can be shown that the other joint tenant contributed to the purchase. Here, $150,000 (personal effects and jewelry) + $800,000 (land) = $950,000.

Following Are the Fair Market Values of Wilma's Assets at Her