At the time of her death, Ariana held the following assets

Question # 00623094 Posted By: rey_writer Updated on: 11/28/2017 12:23 PM Due on: 11/28/2017
Subject Accounting Topic Accounting Tutorials:
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At the time of her death, Ariana held the following assets.

Fair Market Value

Personal residence (title listed as "Ariana and Peter, tenants by the entirety with right of survivorship") $900,000

Savings account (listed as "Ariana and Rex, joint tenants with right of survivorship") with funds provided by Rex $40,000

Certificate of deposit (listed as "Ariana, payable on proof of death to Rex") with funds provided by Ariana $100,000

Unimproved real estate (title listed as "Ariana and Rex, equal tenants in common") $ 500,000

Insurance policy on Ariana's life, issued by Lavender Company (Ariana's estate is the designated beneficiary) $ 300,000

Insurance policy on Ariana's life, issued by Crimson Company (Rex is the designated beneficiary, but Ariana can change beneficiaries) $ 400,000


A) Assuming that Peter and Rex survive Ariana, how much is included in Ariana's probate estate?

B) Ariana's gross estate?

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  1. Tutorial # 00621752 Posted By: rey_writer Posted on: 11/28/2017 12:24 PM
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