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property held in a joint tenancy by him and any other person,
except to the extent the consideration for the property was
furnished by such other person. See Estate of Peters v.
Commissioner, 386 F.2d 404, 407 (4th Cir. 1967), affg. 46 T.C.
407 (1966). Contrary to petitioner's argument, the statute does
not inquire how much a willing buyer would pay to purchase the
decedent's interest in the joint tenancy at the date of his
death, because, at the moment of death, decedent no longer holds
any interest in the property. The property passes by right of
survivorship, unlike property governed by section 2033 which
passes under a decedent's will or by intestate succession. Even
if prior to death, decedent sold his interest in the joint
tenancy (and by doing so severed the joint tenancy with right of
survivorship), the value that a willing buyer would pay does not
necessarily compare to the approach taken by Congress in section
2040.13 Section 2040(a) provides an artificial inclusion of the
joint tenancy property: the entire value of the property less
any contribution by the surviving joint tenant. Except for the
statutory exclusions in section 2040(a), there is no further
13 For example, A and B held Property X as joint tenants.
The property was purchased with funds provided solely by A.
During A's life, A could sell his interest for roughly one-half
of the entire value. However, if A predeceases B, the inclusion
in A's gross estate would be 100 percent.
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