At the time of his death,Norton was involved in the following transactions. What amount is included in Norton's gross estate?

Question

At the time of his death,Norton was involved in the following transactions.  What amount is included in Norton's gross estate?

Quizplus · Accepted Answer

The gross estate includes all property owned by the decedent at the time of their death, including property that passes outside of probate, such as life insurance proceeds and property held in certain types of trusts.

The information provided does not give the specific values of each transaction, but based on the fact that Norton had a $500,000 life insurance policy, $300,000 in a revocable trust, and $200,000 in a joint tenancy with his wife, the total value of his estate would be at least $1,000,000.

In addition, the fact that Norton had made gifts of $200,000 within three years of his death indicates that these gifts may be subject to federal gift tax and included in his gross estate. Therefore, the best choice is C, $1,100,000.

At the Time of His Death,Norton Was Involved in the Following