Jim and Johanna, brother and sister, buy real estate as JTWROS. Jim paid $200,000 and...
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Accounting
Jim and Johanna, brother and sister, buy real estate as JTWROS. Jim paid $200,000 and Johanna paid $300,000 at the time of purchase of the property. Fifteen years later when the property is valued at $1 million, Jim dies. Which of the following is true?
$400,000 of the real estate will be in Jims gross estate; Johanna will automatically inherit Jims share of the property.
$400,000 of the real estate will be in Jims gross estate; Jims will determines who will inherit his share of the property.
$500,000 of the real estate will be in Jims gross estate; Johanna will automatically inherit Jims share of the property.
$500,000 of the real estate will be in Jims gross estate; Jims will determines who will inherit his share of the property.
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