Choose the Word or Phrase in [ ] Which Will

question 27

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-A person can give [a limited | any] number of tax free gifts per year.

---

Definitions:

Common Law

A body of legal rules and principles based on court judgments and customs, rather than formal statutes or legislations.

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the law across state lines.

Finance Lease

A type of lease in which it is assumed that the lessee will use the leased asset for the majority of its useful life, often with an option to purchase the asset at the end of the lease term.

Lease Contract

A legal agreement in which one party grants another party the right to use a property or equipment for a specified period in exchange for payment.