At the time of his death, Norton was involved in the following transactions.
? Owned land in joint tenancy with Emily. The land is worth $600,000 and was purchased by Norton 15 years ago for $150,000.
? Owned land in a tenancy by the entirety with his wife Amy. The land is worth $800,000 and was purchased by Norton five years ago for $450,000.
? Owned land in an equal tenancy in common with Noah. The land is worth $400,000 and was purchased by Norton four years ago for $300,000.
? Owned City of Dayton bonds worth $500,000. What amount is included in Norton's gross estate?
A) $900,000
B) $1,100,000
C) $1,700,000
D) $2,100,000
Correct Answer:
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