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This just really made me think of Eddy Murphy’s “Raw”.
“I Want Half, EEEDIE!”
Fred and Amy Kehl, both U.S. citizens, are married. All of their real and personal property is owned by them as tenants by the entirety or as joint tenants with right of survivorship. The gross estate of the first spouse to die:
Correct A.
includes 50% of the value of all property owned by the couple, regardless of which spouse furnished the original consideration.
B.
includes only the property that had been acquired with the funds of the deceased spouse.
C.
is governed by the federal statutory provisions relating to jointly held property, rather than by the decedent’s interest in community property vested by state law, if the Kehls reside in a community property state.
D.
includes one-third of the value of all real estate owned by the Kehls, as the dower right in the case of the wife or curtesy right in the case of the husband.
Explanation:
All of Fred and Amy’s property is owned jointly no matter how the consideration was provided due to being a married couple. As such, only one-half of the property is included in the estate of the first spouse to die. If any property had been legally styled as separate property, then 100% of that property would only have been included in that respective spouse’s estate.
Big 4 Audit Manager from Europe here to pass the CPA in the U.S. of A in 2014! Niiice!
AUD - 95 / Jul 15 / 130h over 4 weeks
FAR - 86 / Aug 14 / 240h over 4 weeks
(11 week break)REG - 81 / Nov 14 / 200h over 4 weeks
BEC - 87 / Nov 17 / 30 h over 2.5 days
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