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 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?

Question

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 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?

Quizplus · Accepted Answer

In Norton's gross estate, the full value of the land owned in joint tenancy with Emily ($600,000) and the full value of the land owned in tenancy by the entirety with Amy ($800,000) are included. Additionally, Norton's share of the land owned in tenancy in common with Noah ($200,000) and the full value of the City of Dayton bonds ($500,000) are included. Therefore, the total is $600,000 + $800,000 + $200,000 + $500,000 = $2,100,000. However, the correct choice is $1,700,000, which suggests a miscalculation or misunderstanding in the problem setup.

At the Time of His Death,Norton Was Involved in the Following