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jesse dies intestate i e without a will in may 2011 jesse rsquo s major asset is a t 699408

Jesse dies intestate (i.e., without a will) in May 2011. Jesse’s major asset is a tract of land. Under applicable state law, Jesse’s property will pass to Lorena, who is his only child. In December 2011, Lorena disclaims one half of the property. In June 2012, Lorena disclaims the other half interest. Under state law, Lorena’s disclaimer results in the property passing to Arnold (Lorena’s only child). The value of the land (in its entirety) is as follows: $2 million in May 2011, $2.1 million in December 2011, and $2.2 million in June 2012. Discuss the transfer tax ramifications of these transactions.

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