What Is the Limit on the Amount of Property That

question 22

Multiple Choice

What is the limit on the amount of property that can be transferred to a spouse free of any transfer taxes?

• A)$12,000 per year
• B)$1,000,000
• C)An unlimited amount
• D)All transfers to a spouse are subject to transfer taxes

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Definitions:

Infant

A very young child or baby, often legally defined as a person under a certain age, varying by jurisdiction.

Sue in Tort

Initiating a civil lawsuit based on tort law, seeking remedy for personal injuries or damages caused by wrongful acts.

Necessary

Essential or needed to achieve a desired result or fulfill a specific purpose.

Age of Majority

The legally defined age at which a person is considered an adult and is granted the full legal rights and responsibilities of adulthood.