Moe, Larry & Curly (unrelated) have invested in an ocean-front condominium in Hawaii. The cost of the condominium was $4.5 million, and they took title as tenants in common. Moe contributed $1.35 million toward the purchase, while Larry & Curly contributed equal amounts to make up the balance of the purchase price.

What are the implications of this situation?

a. Moe, Larry and Curly are deemed to each own a 1/3rd interest in the condominium.

b. The full value of the condominium will be included in the estate of the first co-owner to die unless the surviving co-owners furnish evidence of their contribution toward the purchase of the condominium.

c. Moe cannot sell his interest in the condominium without first obtaining the approval of Larry and Curly.

d. If Larry passes away today, 35% of the value of the condominium will be included in his gross estate.