Ned Norris, a widower, engaged in the transactions described below during 2021. He made only one earlier taxable gift, $1.2 million in 2014. Use this information to prepare a 2021 gift tax return (Form 709) for Mr. Norris, who resides at 11616 Starstruck Blvd., Southern City, CA 90068. Pages 4 and 5 of the form are not applicable to him.
• Transfer of title to unimproved land to son Nathan, age 31, fair market value of $2 million and adjusted basis of $300,000.
• Payment of tuition ($35,000) to Private College and payment of off-campus apartment rent ($18,000) to Tall Tower, LLC for the benefit of daughter Natalie, age 21.