27 Oct Joe and his younger brother Nick purchased a commercial building together 15 years ago. They own the property as a joint tenancy with rights of survivorship
Joe and his younger brother Nick purchased a commercial building together 15 years ago. They own the property as a joint tenancy with rights of survivorship. At the time of the purchase, Joe, being the older brother, was in a better financial position. Therefore, Joe contributed $200,000 and Nick contributed $100,000 to the purchase price. The property is now worth $750,000.
Question 12: What are Joe and Nick’s ownership shares?
Question 13: What is Joe’s basis in the commercial building?
Question 14: What is Nick’s basis in the commercial building? Question 15: Nick needs cash to start to buy a home. Can he sell his interest in the commercial building? Why or why not?
Question 16: If Joe were to die today, would the commercial building be included in Joe’s gross estate?
Question 17: If so, what is the commercial building’s value in Joe’s gross estate?
Question 18: If Joe were to die today, would Joe’s will direct who received the commercial building?
Question 19: If Joe were to die today, who would own the commercial building?
Question 20: If Joe were to die today, what would Nick’s new basis in the commercial building be?
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