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What are the gift and estate tax consequences

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Reference no: EM132795497

Gordon purchased real estate for $900,000 and listed title to the property as "Gordon and Fawn, joint tenants with right of survivorship." Gordon predeceases Fawn when the real estate is worth $2,900,000. Gordon and Fawn are brother and sister.

Problem 1: What are the gift and estate tax consequences?

a. Gordon made a gift when the real estate was purchased of $ to Fawn.
b. Gordon's estate must include $ as to the property.
c. How would the estate tax consequences change if it was Fawn (not Gordon) who died?

Reference no: EM132795497

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