A lawyer agrees to prepare a Will for his dentist in exchange for some dental work. No money changed hands. Which of the following is the most accurate statement regarding the lawyer's gift tax consequences?
a) Since the lawyer received a benefit and did not pay for what he received, there is a gift to the dentist equal to the value of the legal services.
b) Since the lawyer received an equivalent value for the Will, this is a barter transaction and there is no gift.
c) This is a taxable termination.
d) Both the lawyer and the dentist have made gifts equal to the value of their respective services.