In 1997, Barry and Fred Provide $20,000 and $60,000 of Consideration

question 96

Essay

In 1997, Barry and Fred provide $20,000 and $60,000 of consideration, respectively, to purchase a beach house titled in both their names as joint tenants with right of survivorship. Barry dies in the current year and is survived by Fred. The beach house is valued at $100,000. What amount must be included in Barry's gross estate for the beach house?

---

Definitions:

Metadata

Data that provides information about other data, such as the format, content, and context, which helps in its identification, management, and understanding.

Text Data

Information stored as strings of text, often used in programming and data processing to represent names, messages, or other textual information.

Breadcrumb Trail

A navigational aid in user interfaces showing the user's location within a hierarchical structure of a website or application.

Browser's Back Button

A user interface element in web browsers that lets users return to the previous page they looked at.