Betty dies on february 20 of the current year. her estate, Ask an Expert

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Betty dies on February 20 of the current year. Her estate consisted of the following assets, all valued as of her date of death:

Stock with a basis of $40,000 and a fair market value of $200,000

Home valued at $1,500,000 and a basis of $490,000

Cash of $70,000

Life insurance on Betty's life owned by her daughter with a $500,000 face value

What is Betty's gross estate?

a. $600,000

b. $1,100,000

c. $1,770,000

d. $2,270,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9408956

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