A Revocable Trust

question 15

Multiple Choice

A revocable trust:

• A)Can be changed by the grantor for a short period following probate.
• B)Can be revoked by the grantor for a short period following probate.
• C)Usually has no impact on gift or estate taxes.
• D)Usually has a large impact on gift and estate taxes.
• E)None of the above.

Calculate the amount of tax due or saved based on changes in valuation rates and exemptions.

Apply knowledge of tax rate structures to compute income tax liabilities.

Analyze and compare tax liabilities in different jurisdictions to determine financial advantages or disadvantages.

Understand and calculate proration of taxes in real estate transactions.

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Definitions:

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Clayton Act

A U.S. antitrust law enacted to prevent anti-competitive practices in their incipiency and to supplement the Sherman Antitrust Act.

Quantitative Substantiality Test

A legal assessment method used to evaluate the significance or amount of material copied in copyright infringement cases.