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Teresa opens a bank account and transfers $500,000 to the account. Teresa names herself and her son Seth as joint tenants with right of survivorship

Teresa opens a bank account and transfers $500,000 to the account. Teresa names herself and her son Seth as joint tenants with right of survivorship at the time she opens the account. Under the account terms, Teresa can withdraw the entire amount of the bank account at any time, as can her son Seth. On Teresas death the amount remaining in the account passes automatically to Seth. Seth does not withdraw any funds from the account in 2019. He does withdraw $40,000 in 2010. Indicate when, if ever, Teresa makes a gift to Seth for federal gift tax purposes.

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