In 2002, Gordon purchased real estate for $900,000 and listed title to the property as Gordon and

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In 2002, 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 in 2015 when the real estate is worth $2.9 million.

Gordon and Fawn are brother and sister.

a. Did a gift occur in 2002? Explain.

b. What, if any, are the estate tax consequences in 2015?

c. Under part (b), would your answer change if it was Fawn (not Gordon) who died in 2015? Explain.

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South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts

ISBN: 9781305399884

39th Edition

Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young

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Question Posted: Sep 09, 2015 07:13 AM

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In 2002, Gordon purchased real estate for $900,000 and listed title to the property as Gordon and

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a In 2002 Gordon made a gift of 450000 12 of 900000 to Fawn Unless the par...View the full answer

South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts

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