Michael Moriarty, a Widower, Is Quite Elderly and Is Beginning

question 25

Essay

Michael Moriarty, a widower, is quite elderly and is beginning to do some estate planning. His goal is to reduce his transfer taxes. He is considering purchasing land with a high potential for appreciation and owning it with his grandson as joint tenants with rights of survivorship. Michael would provide all of the consideration, estimated to be about 11.5 million. What tax issues should Michael Moriarty consider with respect to the purchase of the land?

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Definitions:

Allometric Growth

Variation in the relative rates of growth for different parts of the body during development.

Macroevolution

Large-scale evolutionary events over long time spans. Macroevolution results in phenotypic changes in populations that are significant enough to warrant their placement in taxonomic groups at the species level and higher. Compare with microevolution.

Adaptive Radiation

The rapid diversification of a single ancestor species into a wide variety of forms with different ecological niches.

Ancestral Species

A species from which two or more species evolved, serving as a common predecessor in the evolutionary tree.