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:

Emotional Dissonance

A discrepancy between the emotions a person displays and the emotions he or she actually feels.

Conceal Frustration

The act of hiding or suppressing feelings of annoyance or upset often to maintain social harmony or professionalism.

Emotional Regulation

Refers to the process by which individuals influence their emotions, how they experience them, and how they express them.

Positive Affect

A psychological term referring to the dimensions of mood that range from pleasantness to unpleasantness, indicating how positive one's emotional state is.