Following Are the Fair Market Values of Wilma's Assets at Her

question 106

Multiple Choice

Following are the fair market values of Wilma's assets at her date of death: $\begin{array}{|l|l|}\hline\text { Personal effects and jewelry } & \$ 150,000 \\\hline \text { Land which Wilma bought and held as a joint } & \\\text { tenant with right of survivorship with her sister } & 800,000\\\hline\end{array}$ The executor of Wilma's estate did not elect the alternate valuation date. The amount includible in Wilma's gross estate is

• A) $150,000.
• B) $550,000.
• C) $800,000.
• D) $950,000.

---

Definitions:

Excess Reserves

Banks' reserves that exceed the minimum reserve requirements set by central banking authorities, indicating additional liquidity.

Actual Reserves

The total amount of funds that a bank has held in reserve, both required and excess, to meet its liabilities.

Required Reserves

Minimum vault cash or reserves; held at the Federal Reserve District Bank.

Federal Open Market Committee

The branch of the Federal Reserve System that is responsible for setting the direction of monetary policy by buying and selling government securities.