Homer and Laura are husband and wife. At the time of Homer’s death, they owned the following: land as joint tenants worth $2,000,000 (purchased by Homer) and stock as equal tenants in common worth $3,000,000 (purchased by Laura). Homer owns an insurance policy on his life (maturity value of $1,000,000) with Laura as the designated beneficiary. Homer’s will passes all his property to Laura. How much marital deduction is allowed Homer’s estate?

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ANSWER 3500000 Explanation The following are the reasons for th... View the full answer