Classify Each of the Following Statements

question 35

Multiple Choice

Classify each of the following statements.
-Using his own funds, Horace establishes a savings account designating ownership as follows: "Horace and Nadine as joint tenants with right of survivorship." Horace predeceases Nadine.

• A)No taxable transfer occurs.
• B)Gift tax applies.
• C)Estate tax applies.

---

Definitions:

Virtual Organization

A network of remotely collaborating individuals or groups not bound by traditional physical office space, often relying on digital communication.

Communication

The act of conveying meanings from one entity or group to another through the use of mutually understood signs, symbols, and semiotic rules.

Transformational Organization

An organization that constantly evolves and adapts by changing its strategies, operations, and culture to meet current trends, challenges, and technologies, inspiring innovation and growth.

Participative Approach

A method that involves taking into account the input and active involvement of all members of a group.