2. Which of the following statements regarding property held as joint tenants with right of survivorship (JTWROS) is(are) CORRECT?

1. Under a joint tenancy, each owner has an undivided interest in the property.

2. Joint tenancies may only be established between spouses.

3. All joint tenants have the right to sever their interest in the property without the consent of the other joint tenant(s).

4. A will is necessary to pass a joint tenant's interest in the property to the other joint tenant at death.

A. 1 only

B. 1 and 3

C. 2 and 3

D. 2, 3, and 4

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16. Josh has recently died, and you are in the process of valuing assets for inclusion in his gross estate. Josh was a day trader by occupation and owned ABC Stock, a listed security, among his many other investments. On the date of his death, this stock traded between a high of $12 per share and a low of $6 per share, closing at $8 per share. In valuing ABC Stock in Josh's gross estate, what is its appropriate value per share?

A. $8

B. $9

C. $10

D. $12