Betty dies on February 20 of the current year. Her estate consisted of the following assets, all
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Stock with a basis of $40,000 and a fair market value of $200,000
Home valued at $1,500,000 and a basis of $490,000
Cash of $70,000
Life insurance on Betty’s life owned by her daughter with a $500,000 face value. What is Betty’s gross estate?
a. $600,000
b. $1,100,000
c. $1,770,000
d. $2,270,000
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Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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