Joshua and David Purchased Real Property for $500,000 as Equal

question 72

Essay

Joshua and David purchased real property for $500,000 as equal tenants in common. Although they are listed as equal co-owners, Joshua was only able to provide $200,000 of the purchase price. David treated the additional $100,000 of his contribution to the purchase price as a gift to Joshua. If the property is worth $2.5 million at Joshua's death, what amount would be included in Joshua's estate?

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Definitions:

Distal Convoluted Tubules

Part of the nephron in the kidney that functions in the reabsorption of water, sodium, and chloride and the secretion of potassium and hydrogen ions.

Collecting Ducts

Part of the kidney nephrons involved in the concentration and transportation of urine.

Afferent Arterioles

Small blood vessels that lead into the glomeruli of the kidneys, playing a crucial role in the filtration of blood.

Bowman's Capsule

A part of the nephron in the kidney that encases the glomerulus and is involved in the filtration process of blood to form urine.