At the time of his death, Raul owned a residence with his wife, Manuela, as joint tenants. The residence was purchased by Manuela ten years ago at a cost of $300,000 and has a fair market value of $1.4 million. Raul's estate will be allowed no marital deduction as to the property.

Question

Quizplus · Accepted Answer

In a joint tenancy, the surviving spouse automatically inherits the deceased spouse's share of the property, and the value of the property is typically included in the marital deduction for estate tax purposes.

At the Time of His Death, Raul Owned a Residence