Reference no: EM132770161
Question - At the time of his death, John owned the following.
Promissory note with a face value of $600,000 and interest which accrued prior to death of $20,000. The note, however, was cancelled in John's will.
Owned land in an equal tenancy in common with Noah. The land is worth $400,000 and was purchased by Norton four years ago for $300,000.
Owned City of New York bonds worth $500,000.
John died in a car accident which was caused by the negligence of the other driver. His estate sued and received damages for pain and suffering for $50,000 and medical expenses for $25,000. In addition, the estate also sued for wrongful death and was awarded damaged of $1,000,000.
Required - What amount is included in John's gross estate?
A. $1,395,000
B. $2,395,000
C. $1,795,000
D. $2,100,000
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