In 2000, Mason and Paula acquired real estate for $900,000, with Mason furnishing $300,000 of the purchase price and Paula providing the balance. The title to the property was listed as "Mason and Paula, equal tenants in common." Mason died first in 2011, when the real estate was worth $3,000,000.
(I) Were there any tax consequences in 2000? Explain.
(II) How much, as to the real estate, is included in Mason's gross estate?
(III) As to parts I and II, would it make any difference whether Mason and Paula were brother and sister, or husband and wife?