This year Drake and his son purchased real estate for an investment. The price of the property was $1,200,000, and the title named Drake and his son as joint tenants with the right of survivorship. Drake provided $900,000 of the purchase price and his son provided the remaining $300,000. What is the amount of the taxable gift?

• $300,000.

  Incorrect

• $600,000.

• $285,000.

• $1,200,000.

• None of the choices are correct - Drake did not make a taxable gift.