Jesse dies intestate (i.e., without a will) in May 2015. Jesse's major asset is a tract of land. Under applicable state law, Jesse's property will pass to Lorena, who is his only child. In December 2015, Lorena disclaims one-half of the property. In June 2016, Lorena disclaims the other half interest. Under state law, Lorena's disclaimer results in the property passing to Arnold (Lorena's only child). The value of the land (in its entirety) is as follows: $2 million in May 2015, $2.1 million in December 2015, and $2.2 million in June 2016. Discuss the transfer tax ramifications of these transactions?