From a 2020 43e Textbook Problem 27-41 (LO. 4, 6, 7) Gordon purchased real estate...
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Accounting
From a 2020 43e Textbook
Problem 27-41 (LO. 4, 6, 7)
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.
What are the gift and estate tax consequences?
If an amount is zero, enter "0".
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?
Fawn's estate would include $___0___ as to the property.
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