In 2002, Gordon purchased real estate for $900,000 and listed title to the property as "Gordon and Fawn,joint tenants with right of surviorship." Gordon predeceases Fawn in 2009 when the real estate is worth $2.9 million. Gordon and Fawn are husband and wife.
a. What are the gift tax consequences in 2002?
b. What are the real estate tax consequences in 2009?
c. Under part (b), would your answer change if it was Fawn (not Gordon) who died in 2009? Explain.