Question - At the time of his death, Norton was involved in the following transactions.
- Owned land in joint tenancy with Emily. The land is worth $600,000 and was purchased by Norton 15 years ago for $150,000.
- Owned land in a tenancy by the entirety with his wife Amy. The land is worth $800,000 and was purchased by Norton five years ago for $450,000.
- 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 Dayton bonds worth $500,000.
What amount is included in Norton's gross estate? Describe your analysis. Which properties added to the value of his gross estate? Which properties were not included, and why?