Doug inherited his mother's bedroom furniture worth $3,000. For sentimental reasons, Martha, the daughter, pays
Doug $3,500 for the furniture. The furniture should be included in the mother's gross estate at $3,500.

Question

Quizplus · Accepted Answer

The value of the furniture for the purpose of the mother's gross estate would be its fair market value at the time of her death, not the price Martha paid Doug after inheriting it.

Doug Inherited His Mother's Bedroom Furniture Worth $3,000