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?
Your description should be between 1/2-1 page in length.