Paul inherits unimproved land (fair market value of $1 million) and a car (fair market value of $25,000) from his father on January 1, 2018. Paul makes the following disclaimers, disclaiming his interest in the property as follows: a disclaimer made on July 1, 2018 disclaiming the land; and a disclaimer made on December 1, 2018 disclaiming the car. In all cases, the disclaimers pass the interest to his son (the next heir under state law). The Federal gift tax applies to:

a.All of the property.

b.The land.

c.The car.

d.None of the property.