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At the time of his death, Bruce was involved in the following transactions. Owned land in...

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.

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.

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.

Owned City of Dayton bonds worth $500,000.

What amount is included in Bruce’s gross estate? Explain.

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