Luke Adams transfers $$800,000$ to an irrevocable trust. Under the terms of the transfer, Luke$$s friend Jason $($currently age $35)$ will receive an income interest for the remainder of his life, and then the corpus of the trust $($the remainder$)$ passes to Jennifer who is not related to Luke. At the time of the transfer, $120$ percent of the AFR rate was $7\mathrm{.}0$ percent, yielding a present value factor of $\mathrm{.}09155.$

a$.$ What are the gift tax consequences associated with the transfer?

b$.$ Now assume that Luke retains an income interest in the property for himself, rather than for Jason. Luke is currently $35$ years old. What are the gift tax and estate tax consequences associated with the transfer?