$(1)$ Brandon purchased a tract of timberland for $$750,000.$ At closing, he directs that title be issued in his name and that of Emma and Smith $($his kids$),$ each as $1/3$ joint tenants with right of survivorship. Several years later, timber is cut and sold for $$300,000.$ The owners use the proceeds to purchase an undeveloped lot at the cost, again taking title as joint tenants with right of survivorship. At Brandon's death, $10$ years later, the timberland is worth $$900,000$ and the coastal lot is worth $$480,000.$

$($a$)$ What are the gift tax consequences of these transactions?

$($b$)$ What amounts will be included in Brandon's gross estate on account of these properties?

$(2)$ Assume that several years after Brandon's death, the coastal lot has skyrocketed in value to $$1\mathrm{.}2$m$.$ Emma and Smith continue to hold the property as joint tenants with rights to survivorship. What estate tax exposure is does each face on account of the property? Is there anything they could do to reduce it$?$