Question

Which of the following items of property would be included in the gross estate of a decedent who died in 2018? Select all that apply.
A. Clothes and jewelry of the decedent.
B. Cash of $400,000 given to decedent's friend in 2016.
C. No gift tax was paid on the transfer.
D. Land purchased by decedent and held as joint tenants with rights of survivor‐ship with decedent's brother.

Answer 1

Answer:

So Option A and D are the ones that apply to the gross estate.

Explanation:

The gross estate has to do with the value of all property whether tangible or intangible, real or personal which the decedent had an interest or been owned by the decedent at the time of his death. Example of this property are those mentioned in the question which Clothes and jewelry of the decedent and Land purchased by decedent and held as joint tenants with rights of survivor‐ship with decedent's brother, base on these this scenario, it is OK to say option A and D can be included in the gross estate of a decedent.

Answer 2

Answer:

A and D

Explanation:

Gross estate refers to the total dollar value of an individual’s property and assets at the time of his or her death. This figure does not factor in any liabilities, such as debts owed and taxable events triggered by one's death. When those charges are deducted, the sum figure represents the net value of an individual’s estate.

Gross estate values are typically calculated by an executor, which defines an individual who is primarily responsible for fulfilling the directives of the deceased