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In 2015, Joseph and Shelbie acquire real estate for $2,000,000, with Joseph furnishing $400,000 of the purchase price and Shelbie providing the balance. Title to

In 2015, Joseph and Shelbie acquire real estate for $2,000,000, with Joseph furnishing $400,000 of the purchase price and Shelbie providing the balance. Title to the property is listed as: "Joseph and Shelbie, equal tenants in common." Joseph dies first in 2019, when the real estate is worth $4,000,000.

  1. Were there any tax consequences in 2015?Explain.


  1. How much, as to the real estate, is included in Joseph's gross estate?


  1. As to parts a. and b., would it make any difference whether Joseph and Shelbie are brother and sister orĀ husband and wife?



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In 2015 when Joseph and Shelbie acquired the real estate for 2000000 there are indeed tax consequences to consider particularly regarding how the owne... blur-text-image

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