Betty dies on February 20, 2013. Her estate consisted of the following assets, all valued as of her date of death: Stock with a basis of $40,000 and a fair market value of $200,000
Home valued at $1,500,000 and a basis of $490,000
Cash of $70,000
Life insurance on Betty's life owned by her daughter with a $500,000 face value
What is Betty's gross estate?

Question

Quizplus · Accepted Answer

Betty's gross estate includes the value of all her assets at the time of her death, which would be:

Stock: $200,000
Home: $1,500,000
Cash: $70,000
Life insurance: $500,000

Total: $2,270,000

Therefore, the correct answer is (C) $1,770,000.

Betty Dies on February 20, 2013