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Jack and Jill are not married and own farm land titled as Joint Tenants with Rights of Survivorship. Jack originally contributed $90,000 and Jill contributed
Jack and Jill are not married and own farm land titled as Joint Tenants with Rights of Survivorship. Jack originally contributed $90,000 and Jill contributed $60,000 towards the purchase price. The land is currently valued at $800,000 and each of them has a 50% interest in the property. If Jack died today, what amount of the value of the farm land would be included in his gross estate? a. $90,000. b. $400,000. c. $480,000. d. $800,000.
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