In 2001, Polly and Fred, brother and sister, purchased a condominium at a golf resort. Polly contributed 60% of the $200,000 cost; Fred contributed 40%. Polly dies in the current year when the condominium has a $300,000 value. How much is included in Polly's estate?

Question

Quizplus · Accepted Answer

Polly's share of the condominium's value at the time of her death is calculated as follows: $300,000 (total value) x 60% (Polly's ownership) = $180,000. Therefore, $180,000 is included in Polly's estate.

In 2001, Polly and Fred, Brother and Sister, Purchased a Condominium