a.  Janette and Lola, who are sisters, acquire an apartment building, ownership listed as joint tenancy with right of survivorship. Janette furnished $1,200,000 and Lola $800,000 of the $2,000,000 purchase price. Of the $800,000 provided by Lola, $200,000 had previously been received as a gift from Janette. When the property is worth $3,000,000, Janette died. What amount is included in Janette's gross estate

Monique, 61, created a custodial account and transferred $15,000 to the account for the benefit of her great-great grandchild, Tony, and named Tony's father, Luis, as the custodian. It is Monique's desire that the money be used for Tony's college education. Monique's last will and testament bequests all of her property to Luis for his lifetime, with the remainder to Tony. Monique's estate is currently valued at $2,300,000, but she expects to increase her estate through real estate investments over the next 10 years. Monique has previously used $1,000,000 of her generation-skipping transfer tax (GSTT) exemption on an indirect skip person. Which one of the following statements is CORRECT regarding the GSTT?   A)The transfer of the $15,000 into the custodial account is statutorily exempt from GSTT since it is to be used for the payment of tuition expenses.   B)The transfer pursuant to the last will and testament qualifies for the deceased parent skip rule.   C)The transfer of the…

Many years ago James and Sergio purchased property for $450,000. Although they are listed as equal co-owners, Sergio was able to provide only $200,000 of the purchase price. James treated the additional $25,000 of his contribution to the purchase price as a gift to Sergio. If the property is worth $900,000 at Sergio's death, what amount would be included in Sergio's estate if the title to the property was tenants in common? What if the title was joint tenancy with right of survivorship?

Gadubhi