Following are the fair market values of Wald’s assets at the date of death:
|
Personal effects and jewelry |
$650,000 |
|
Land bought by Wald with Wald’s funds five years prior to death and held with Wald’s sister as joint tenants with right of survivorship |
1,900,000 |
The executor of Wald’s estate did not elect the alternate valuation date. The amount includible as Wald’s gross estate in the Federal estate tax return is
- $ 650,000
- $1,600,000
- $1,900,000
- $2,550,000