Indicate by a T If the Following Results in a Taxable

question 91

Short Answer

Indicate by a T if the following results in a taxable gift and an N if it does not result in a taxable gift.
-Corky transferred ownership of a $50,000 life insurance policy with a $5,000 cash surrender value to his wife.

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Definitions:

Sympathetic Nervous System

A part of the autonomic nervous system that activates the 'fight or flight' response, increasing heart rate, dilating pupils, and preparing the body for action.

Parasympathetic

Part of the autonomic nervous system responsible for conserving energy and facilitating rest and digestion processes.

Somatic

Relating to the body, especially as distinct from the mind or psyche.

Central

Pertaining to the primary or most important part of something, often the center or core.