At his death Stanley owned real estate worth $345,000 with two other individuals as equal tenants in common. Stanley contributed $50,000 to the $100,000 total cost of the property. What amount, if any, is included in Stanley's gross estate?

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Quizplus · Accepted Answer

As Stanley was a tenant in common with two other individuals, his share of the property would be one-third (assuming equal ownership between the three tenants). Therefore, his share of the property would be worth $115,000 ($345,000 ÷ 3). As this amount exceeds the $60,000 threshold for gross estate inclusion, it would be included in Stanley's gross estate. The fact that he contributed $50,000 to the purchase price of the property is not relevant in this calculation.

At His Death Stanley Owned Real Estate Worth $345,000 with Two