Question

Felipe died on May 9, 2016. At date of death he owned the following assets:• Cash in the bank: $12,000• ABC Bonds: Fair market value $5,000• Office building: Fair market value, $300,000• Stock in Leck Corporation: Fair market value, $10,000• Personal residence (jointly held with his spouse): Fair market value, $160,000.
In addition, accrued rents on the office building to date of death is $24,000; accrued interest on the bonds at date of death is $200; $400 in dividends are outstanding on the Leck stock (date of record April 30, 2016). Felipe's gross estate is $__________.

Answer 1

Answer:

$431,600

Explanation:

      Calculation of Gross Estate of Felipe

Items                                                   Amount($)

Cash at bank                                      $12,000

ABC BOND                                         $5,000

Office building                                    $300,000

Stock in Leck Corporation                 $10,000

Personal residence (50% include)    $80,000

Accrued rent on office building        $24,000

Accrued rent on bond                       $200

Outstanding dividend                        $400      

Gross estate                                       $431,600