Wife P and husband Q own real estate worth $75,000 as joint tenants with right of survivorship.P contributed $20,000 and Q contributed $30,000 of the original $50,000 purchase price of the property.Q died in the current year; P survives him.The value of the property to be included in the gross estate of Q is

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The value to be included in the gross estate of Q is based on his proportionate share of the property, which is calculated using the ratio of his contribution to the total purchase price. Q's contribution was $30,000 of the $50,000 purchase price, or 60%. Therefore, 60% of the current value of $75,000 is $45,000. However, since the property was held as joint tenants with right of survivorship, Q's share of the property automatically passed to P upon his death. As a result, Q's share of the property is not included in his gross estate for estate tax purposes. Therefore, the value of the property to be included in the gross estate of Q is only P's half of the property, which is $37,500 (50% of $75,000).

Wife P and Husband Q Own Real Estate Worth $75,000