At the time of his death, Bruce was involved in the following transactions.
Owned land in joint tenancy with Robin. The land is worth $600,000 and was purchased by Robin 20 years ago for $150,000. |
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Owned land in a tenancy by the entirety with Rachel. The land is worth $800,000 and was purchased by Rachel five years ago for $450,000. |
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Owned land in an equal tenancy in common with Kate. The land is worth $400,000 and was purchased by Bruce four years ago for $300,000. |
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Owned City of Dayton bonds worth $500,000. |
What amount is included in Bruce’s gross estate? Explain.
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