The Following Items Were Discovered in Reviewing Materials for John's

question 89

Essay

The following items were discovered in reviewing materials for John's estate tax return:
(1)Two years ago, John sold stock to his son, Patrick, for $30,000. At the date of sale, the stock had a value of $65,000. The value of the stocks at John's death was $90,000.
(2)John owned a beach house, worth $500,000, with his sister, Amber, who paid for it.
(3)John's home was held in a tenancy by the entirety with his wife, Julia. Julia paid for the house, which had a value of $300,000 on the date of his death.
(4)John's clothing and other personal belongings are worth $3,700 on the date of his death.
What amount is included in John's estate?

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Definitions:

Atria

The heart's top two chambers that take in blood from the veins and transfer it to the ventricles.

Ventricles

Chambers of the heart that receive blood from the atria and expel it to the lungs and rest of the body, or, in brain anatomy, cavities filled with cerebrospinal fluid.

Refractory Period

Period following effective stimulation during which excitable tissue, such as heart muscle, fails to respond to a stimulus of threshold intensity.

Cardiac Muscle

Muscle tissue found only in the heart, characterized by its ability to contract involuntarily and rhythmically.