In 2015, Thalia Purchases Land for $900,000 and Lists Title

question 50

Multiple Choice

In 2015, Thalia purchases land for $900,000 and lists title in the names of her daughters as follows: "April and Theresa, joint tenants with right of survivorship." In 2017, April and Theresa purchase an apartment building for $1 million as equal tenants in common? April furnished $400,000 and Theresa furnished $600,000 of the cost. April dies first in 2018 when the land is worth $1.5 million and the apartment building is worth $2 million. One of the results of these transactions is:

• A) April made a gift to Theresa of $100,000 in 2017.
• B) None of the land is included in April's gross estate.
• C) April's gross estate includes $800,000 (40% × $2 million) as to the apartment building.
• D) April's gross estate includes $1,750,000 as to these properties.

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