American College Exam HS330 Topic 1 Question 82 Discussion

Actual exam question for American College's HS330 exam

Question #: 82
Topic #: 1

All the following statements concerning the ownership of real property as joint tenants with right of survivorship are correct EXCEPT:

AIf the joint tenants are brother and sister, no portion of the value of the property will be in the sister's estate if she dies first provided her executor proves that the brother contributed all the funds.

BIf three sisters inherited property as joint tenants with right of survivorship, the entire value of the property will be in the estate of the first sister to die.

CIf the joint tenants are husband and wife, because this is a qualified joint interest, one half the value of the property will be in the estate of the first spouse to die regardless of which spouse contributed to the purchase price.

DIf the joint tenants are two brothers and each contributed one half the property's purchase price, only one half the property's value will be in the estate of the first brother to die if his executor proves that the other brother contributed half of the purchase price.

Show Suggested Answer

Suggested Answer: A

by Deeanna at Mar 09, 2024, 07:42 PM

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Marge

16 days ago

Is it just me, or does this feel like a trick question? I'm gonna go with C, because I'd rather be safe than sorry when it comes to the IRS.

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Georgeanna

21 days ago

Alright, let's think this through. I'm gonna go with D, since it seems to be the only one that mentions the contributions of the joint tenants.

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Carolann

25 days ago

Ha! I knew that joint tenancy stuff would come up. B is the answer, no doubt. Gotta love when the exam tries to trip you up with weird family dynamics.

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Julie

27 days ago

Ugh, property law questions are the worst. I'm just going to pick C and hope it's right. At least it's a straightforward answer about joint interests between spouses.

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Leonard

7 days ago

A) If the joint tenants are brother and sister, no portion of the value of the property will be in the sister's estate if she dies first provided her executor proves that the brother contributed all the funds.

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Myong

1 months ago

Hmm, this question is tricky. I think the correct answer is B, since the entire value of the property will be in the estate of the first sister to die, regardless of their contributions.

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