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Michael, a widower, is quite elderly and is beginning to do some estate planning. His goal is to reduce his transfer taxes. He is considering

Michael, a widower, is quite elderly and is beginning to do some estate planning. His goal is to reduce his transfer taxes. He is considering purchasing land with a high potential for appreciation and owning it with his grandson as joint tenants with rights of survivorship. Michael would provide all of the consideration, estimated to be about $21.5 million. What tax issues should Michael consider with respect to the purchase of the land?

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