Question: Henry Arkin (a widower) is quite elderly and is beginning to engage in some estate planning. His goal is to reduce his transfer taxes. He

Henry Arkin (a widower) is quite elderly and is beginning to engage in some estate planning. His goal is to reduce his transfer taxes. He is considering purchasing land with a high potential for appreciation and having it titled in the names of himself and his grandson as joint tenants with rights of survivorship. Henry would provide all of the consideration, estimated to be about $14 million. What tax issues should Henry Arkin consider with respect to the purchase of the land?

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