In 2008, Bill purchased a 2-acre unimproved lot for $90,000, and took full and outright ownership of the property (i.e, in fee simple). In 2010, after visiting the property with Bill and when it was still worth $90,000, Evelyn (Bill's sister) asked Bill if they could share ownership (siblings are suppose to share, right?).  Evelyn paid Bill $30,000 and they changed the form of ownership to joint tenants with rights of survivorship.  In 2014, Evelyn suddenly died when the property was worth $180,000.  What is the value of the property, if any, includable in Evelyn's gross estate at her death?

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In this scenario when Evelyn and Bill changed the form of ownership to joint ... View the full answer