Joe and Nick’s ownership shares

  Joe and his younger brother Nick purchased a commercial building together 15 years ago. They own the property as a joint tenancy with rights of survivorship. At the time of the purchase, Joe, being the older brother, was in a better financial position. Therefore, Joe contributed $200,000 and Nick contributed $100,000 to the purchase price. The property is now worth $750,000. What are Joe and Nick’s ownership shares? What is Joe’s basis in the commercial building? What is Nick’s basis in the commercial building? Nick needs cash to start to buy a home. Can he sell his interest in the commercial building? Why or why not? If Joe were to die today, would the commercial building be included in Joe’s gross estate? If so, what is the commercial building’s value in Joe’s gross estate? If Joe were to die today, would Joe’s will direct who received the commercial building? If Joe were to die today, who would own the commercial building? If Joe were to die today, what would Nick’s new basis in the commercial building be?