5.Jack and Jill are not married and own farm land titled as Joint Tenants with Rights of Survivorship. Jack originallycontributed $90,000 and Jill contributed $60,000 towards the purchase price. The land is currently valued at$800,000 and each of them has a 50% interest in the property. If Jack died today, what amount of the value of thefarm land would be included in his gross estate?a.$90,000.b.$400,000.c.$480,000.d.$800,000.
6.Bob and Charles own a townhouse together and are not married. Charles contributed 30% of the purchase priceand Bob contributed 70% of the purchase price. Each of them has an equal interest in the property. Which of thefollowing are permissible ways they could title the property?1.Sole Ownership.2.Tenancy in Common.3.Joint Tenancy with Rights of Survivorship.4.Tenancy by the Entirety.
7.Sherri purchased a home many years ago for $100,000. She married Gary five years ago when the house was worth$200,000. Sherri and Gary live in a community property state. Assume Sherri died today and left her entireinterest in the property to her son Cody. The property is currently valued at $400,000. What is Cody’s basis in thehome after Sherri’s death?