Joseph died this year. His will specifically bequeaths $1,000,000 to his son, Kevin and bequeaths the residual of his estate to his wife, Martha. At the time Joseph had written his will, his net worth was in excess of $4,000,000, but at his death his net worth had plummeted to $1,050,000. Because Kevin's mother would only receive $50,000 ($1,050,000-$1,000,000) of his father's assets, Kevin fully disclaimed his bequest three months after his father's death. How much will Kevin have to report as a taxable gift because of this disclaimer?