1) Which of the following items would need a separate appraisal?

a) A painting worth $5,000

b) Household furnishings worth $2,000

c) Jewelry worth $25,000

d) Stamp collection worth $2,500

e) A, B and D only

f) A and C only

2) At the time of his death, John owned the following.

Promissory note with a face value of $600,000 and interest which accrued prior to death of $20,000. The note, however, was cancelled in Johns will.

Owned land in an equal tenancy in common with Noah. The land is worth $400,000 and was purchased by Norton four years ago for $300,000.

Owned City of New York bonds worth $500,000.

John died in a car accident which was caused by the negligence of the other driver. His estate sued and received damages for pain and suffering for $50,000 and medical expenses for $25,000. In addition, the estate also sued for wrongful death and was awarded damaged of $1,000,000.

What amount is included in Johns gross estate?

$1,395,000

$2,395,000

$1,795,000

$2,100,000