Posted: August 13th, 2015

if you will take care of my farm for the rest of my life,

if you will take care of my farm for the rest of my life, Wilbur owns a farm worth $100,000. He said to his nephew, “Peter, if you will take care of my farm for the rest of my life, you can have it when I die.” Wilbur’s will conveyed the farm to Peter. At the time of Wilbur’s death, the farm was worth $150,000. When Wilbur dies, Peter must include $150,000 in his gross incom