Following are the fair market values of Wald's assets at the date of death:
Personal effects and Jewelry: $1,750,000
Land bought by Wald with Wald's fund five years prior to death and held with Wald's sister as joint tenants with right of survivorship: $3,800,000
The executor of Wald's estate did not elect the alternate valuation date. The amount includible as Wald's gross estate in the federal estate tax return is
a. $1,750,000
b. $3,800,000
c. $5,000,000
d. $5,550,000
Answer: D
Tax
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