Gerald and Patricia Are Husband and Wife and Live in Oregon.In

question 105

Multiple Choice

Gerald and Patricia are husband and wife and live in Oregon.In 1980 and using her funds,Patricia purchases a residence for $400,000,listing title to the property as "Gerald and Patricia,joint tenants with right of survivorship." In 2009,Gerald dies first when the residence is worth $2 million.A correct statement as to these transactions is:

• A)In 1980,Patricia made a gift to Gerald but no marital deduction is available for gift tax purposes.
• B)In 2009,Gerald's gross estate includes $1 million and a marital deduction of $1 million is allowed for estate tax purposes.
• C)In 1980,Patricia did not make a gift to Gerald.
• D)In 2009,Gerald's estate includes nothing as to the property.
• E)None of the above.

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