Juan dies and is survived by his wife, Marie. Under Juan’s will, all of his otherwise uncommitted assets pass to Marie. Based on the property interests listed below, determine the marital deduction allowed to Juan’s estate.   Residence of Juan and Marie worth $1,500,000 owned by them as tenants by the entirety with right of survivorship. Juan provided the original purchase price.

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 58P
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Juan dies and is survived by his wife, Marie. Under Juan’s will, all of his otherwise uncommitted assets pass to Marie. Based on the property interests listed below, determine the marital deduction allowed to Juan’s estate.

 

  1. Residence of Juan and Marie worth $1,500,000 owned by them as tenants by the entirety with right of survivorship. Juan provided the original purchase price.

 

 

 

 

 

 

 

 

  1. Insurance policy on Juan’s life (maturity value of $300,000) owned by Juan with Marie as the designated beneficiary.

 

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