Question
Please fill in the answers in the empty boxes. Property Basis FMV on 1/1/18 FMV on 4/1/18 FMV on 7/1/18 FMV on 10/1/18 FMV on
Please fill in the answers in the empty boxes.
| Property | Basis | FMV on 1/1/18 | FMV on 4/1/18 | FMV on 7/1/18 | FMV on 10/1/18 | FMV on 1/1/19 |
| House | $200,000 | $350,000 | $354,393 | $358,842 | $363,346 | $367,907 |
| Boat | $40,000 | $38,000 | $37,527 | $37,060 | $36,599 | $36,143 |
| Annuity | $100,000 | $300,000 | $275,840 | $251,193 | $266,050 | $200,401 |
| Note Receivable | $40,000 | $200,000 | $190,918 | $181,744 | $172,479 | $163,121 |
| Personal Property | $100,000 | $30,000 | $29,627 | $29,258 | $28,894 | $28,534 |
| Car | $47,500 | $25,000 | $24,689 | $24,381 | $24,078 | $23,778 |
| Rental Property | $230,000 | $400,000 | $411,101 | $422,510 | $434,236 | $446,288 |
| Total | $757,500 | $1,343,000 | $1,324,095 | $1,304,988 | $1,285,682 | $1,266,172 |
All property listed above was owned in sole ownership by Donny. The annuity is a joint and survivor annuity and will continue to pay his wife Jeanette for her lifetime. Donnys will leaves all probate assets to his son and daughter in equal shares. Donny also owned a life insurance policy on his life. His basis in the policy was $89,000 and the death benefit was $1,000,000. The beneficiary of the insurance policy was Donnys daughter, Cheryl. The family sued the drunk driver and received $500,000 for wrongful death payable to Jeanette and $200,000 for Donnys pain and suffering payable to Donnys estate. Donny made substantial gifts during his life. He paid gift tax of $98,000 in 2007 and $67,200 on April 15, 2016. Donnys funeral cost $15,000. The car was sold 4/1/18 for its fair market value on that date in order to pay for Donnys $16,000 hand-carved marble headstone. Donny had $250,000 of medical expenses from the accident, but all expenses were covered by his medical insurance. The note receivable was being paid monthly.
| Property | FMV on 1/1/18 | FMV on 4/1/18 | FMV on 7/1/18 | Other (note alt. FMV Date if applicable) | Gross Estate Date of Death | Gross Estate Alternate Valuation |
| House | $350,000 | $354,393 | $358,842 |
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| Boat | $38,000 | $37,527 | $37,060 |
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| Annuity | $300,000 | $275,840 | $251,193 |
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| Note Receivable | $200,000 | $190,918 | $181,744 |
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| Personal Property | $30,000 | $29,627 | $29,258 |
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| Car | $25,000 | $24,689 | $24,381 |
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| Rental Property | $400,000 | $411,101 | $422,510 |
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| Gift Tax Paid 2007 |
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| Gift Tax Paid 2016 |
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| Life Insurance |
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| Wrongful Death Award |
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| Pain and Suffering |
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| Total | $1,343,000 | $1,324,095 | $1,304,988 |
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