In 2015, Noah and Kelly Acquired Real Estate for $2,000,000

question 120

Essay

In 2015, Noah and Kelly acquired real estate for $2,000,000 with Noah furnishing $400,000 of the purchase price and Kelly providing the balance. Title to the property is listed as: "Noah and Kelly, equal tenants in common." Noah dies before Kelly in 2019 when the real estate is worth $4,000,000.
a. Were there any tax consequences in 2015? Explain.
a. and
b. As to the real estate, how much is included in Noah's gross estate?
b., would it make any difference whether Noah and Kelly are brother and sister or husband and wife?
c. As to choices

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