Tavon dies and is survived by his wife, Marge. Under Tavon’s will, all of his otherwise uncommitted assets pass to Marge. For each of the following property interests, determine the marital deduction allowed to Tavon’s estate. Timberland worth $1,200,000 owned by Tavon, Marge, and Amber (Marge’s sister) as equal tenants in common. Amber furnished the original purchase price. Residence of Tavon and Marge worth $900,000 owned by them as tenants by the entirety with right of survivorship. Tavon provided the original purchase price. Insurance policy on Tavon’s life (maturity value of $1,000,000) owned by Marge and payable to her as the beneficiary.

SWFT Corp Partner Estates Trusts
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ISBN:9780357161548
Author:Raabe
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Chapter18: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 47P
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Tavon dies and is survived by his wife, Marge. Under Tavon’s will, all of his otherwise uncommitted assets pass to Marge. For each of the following property interests, determine the marital deduction allowed to Tavon’s estate.

  1. Timberland worth $1,200,000 owned by Tavon, Marge, and Amber (Marge’s sister) as equal tenants in common. Amber furnished the original purchase price.
  2. Residence of Tavon and Marge worth $900,000 owned by them as tenants by the entirety with right of survivorship. Tavon provided the original purchase price.
  3. Insurance policy on Tavon’s life (maturity value of $1,000,000) owned by Marge and payable to her as the beneficiary.
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