Question $21$

Nick completed a quit claim deed on his apartment building adding Nadia as an equal joint tenant with the right of survivorship. The property is valued at $$400,000$ on the date of gift. The quit claim deed was recorded in the county recorder's office.

Also, Nick added Nadia to his bank account as a signor. The account is re$-$titled in the names of Nick and Nadia as joint tenants with the right of survivorship. There is $$60,000$ in the account at the time of re$-$titling. One year after being added to the joint account, Nadia withdrew $$20,000$ from the account to cover a down payment on her new Ram TRX truck. Which one of the following responses is not an accurate description of the gift tax consequences of these two transactions?

Nick completed a gift to Nadia of $$200,000$ when he retitled his apartment building as joint tenants with right of survivorship with Nadia..

Nick completed a gift to Nadia of $$30,000$ when he added Nadia to the bank account.

Nick completed a gift to Nardia of $$20,000$ when Nadia withdrew $$20,000$ from the joint account.

A gift is completed when a donor conveys real estate to a donee.

A gift is not completed when an individual adds a co$-$signer to his bank account.