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Question: May Blossom died during the current year. Using the following data, what is the total amount that should be included in May's gross estate?

Life insurance proceeds payable to the estate: $300,000

Property held jointly with decedent's brother; each paid one half of the purchase price: $190,000

Jewelry: $4000

Personal residence owned jointly by May and spouse as tenants by the entirety (paid for by May and a qualified joint interest): $350,000

a. $540000

b. $544000

c. $574000

d. $749000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92574005

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