In 1980, 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). In 2011, Hal dies first when the land is worth $3,000,000. As to the land, Hal's gross estate must include:

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The Answer of In 1980, 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). In 2011, Hal dies first when the land is worth $3,000,000. As to the land, Hal's gross estate must include:

In 1980, Mandy and Hal (Mother and Son) Purchased Land