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:

Learning Disabilities

Neurodevelopmental disorders that affect the brain's ability to receive, process, store, respond to, and communicate information.

Learning Disability

A neurological disorder that affects one or more of the basic processes involved in understanding or in using spoken or written language.

Gifted Students

Individuals, usually children or adolescents, who demonstrate exceptional levels of aptitude or competence in one or more areas.

Special Aptitude Tests

Tests that measure one aspect of ability. Often useful in determining the likelihood of success in a vocation (e.g., a mechanical aptitude test to determine success as a mechanic). A type of aptitude test.