Matt and Patricia Are Husband and Wife and Live in Oregon

question 93

Multiple Choice

Matt and Patricia are husband and wife and live in Oregon. In 2010 and using her funds, Patricia purchased a residence for $400,000, listing title to the property as "Matt and Patricia, joint tenants with right of survivorship." In 2020, Matt dies before Patricia when the residence is worth $2 million. A correct statement as to these transactions is:

• A) In 2020, Matt's gross estate includes $1 million and a marital deduction of $1 million is allowed for estate tax purposes.
• B) In 2010, Patricia made a gift to Matt but no marital deduction is available for gift tax purposes.
• C) In 2010, Patricia did not make a taxable gift to Matt.
• D) In 2020, Matt's estate includes nothing as to the property.