Q16
Single choice
Believing that his death was imminent, a widower gave his son some real estate two years ago and filed a timely gift tax return. The widower died on January 1st of this year. The additional facts are:
- Widower's basis in the real estate $400,000
- Value of the real estate when gifted 1,000,000
- Value of the real estate on date of death 2,000,000
- Amount of gift tax paid by widower 345,800