2) Dino and Joey, who are brothers, owned real estate as joint tenants with the right of survivorship. They purchased the land in 1985 for $300,000. Dino contributed $177,000 to the purchase price and Joey put up the remaining $123,000. Dino died on December 25, 2014, when the real estate was worth $3,771,000. How much of the real estates value is includable in Dinos gross estate? a: $2,224,890 b: $3,771,000 c: $177,000 d: some other amount (your answer:_________________) 16) During the current year, Carla gave taxable gifts amounting to $671,000 (net of the annual exclusion). Her only other taxable gifts were $2,800,473 in 2007, in which she claimed a unified credit of $780,800. Her gift tax liability for the year before her unified credit amounts to: a: 374,389 b: $1,334,389 c: $0 d: some other amount (your answer:_________________) 18) The following are the fair market value of Richards assets at the time of his death: I) Automobile, jewelry, cash, and personal effects: $150,000 II) Land purchased with Richards personal funds five years prior to his death, owned jointly with Rita, his spouse: $800,000 What is the includable amount in his gross estate? a: $950,000 b: $475,000 c: $550,000 d: some other amount (your answer:_________________) 4) Molly sells her car, valued at $30,000, to her nephew Todd for $18,000. Molly has made a gift of $30,000. 6) The maximum transfer tax rate is 40% of the taxable base. 8) The due date to file a gift tax return is 9 months from the date of the gift. 12) In 2001, Polly and Fred, brother and sister, purchased a condominium at a golf resort. Polly contributed 60% of the $200,000 cost; Fred contributed 40%. Polly dies in the current year when the condominium has a $3,500,000 value. Pollys gross estate must include 60% of the value of the condominium, which is $2,100,000. 19) Jethro gave $7,000,000 of taxable gifts this year. He has no prior gifts. He has a gift tax liability of $585,800 Expert Answer