The Tax on Generation Skipping Transfers Has Been Repealed

question 66

True/False

The tax on generation skipping transfers has been repealed.

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Definitions:

Donee Beneficiary

A donee beneficiary is someone who benefits from a contract in which the promisor agrees to give a gift or confer a benefit to the beneficiary.

Promisor

The party in a contract who has made a promise to perform an action or service for the other party, known as the promisee.

Donee Beneficiary

A third party that benefits from a contract between two other parties, especially in cases where a party promises to make a gift or confer a benefit to someone who is not a party to the contract.

Stockbroker

A professional who buys and sells stocks and other securities on behalf of clients, typically for a commission or fee.