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?

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Definitions:

Decimal Equivalent

The decimal form of a fraction, representing the same value as the fraction but in decimal notation.

Percent Equivalent

The percentage representation of a fraction or decimal, used to compare rates, efficiencies, or proportions across different contexts.

Five-figure Accuracy

A level of precision where a number is accurate to the fifth digit.

Accurate

Characterized by preciseness and exactness in details or measurements.