Which of the Following Transactions Constitutes a Completed Gift Made

question 40

Multiple Choice

Which of the following transactions constitutes a completed gift made by Ellen, a widow, in the current year?

• A)Ellen deposits $100,000 cash and Matt deposits $5,000 cash into a joint savings account. Matt does not withdraw anything during the current year.
• B)Ellen names Larry the beneficiary of a $100,000 life insurance policy on Ellen's life. The beneficiary designation is revocable.
• C)Ellen transfers property to a revocable trust, naming the bank as trustee. The trustee must pay out all the income to Ed over Ed's lifetime, beginning next year.
• D)Ellen reimburses her granddaughter $15,000 for her tuition at medical school.

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Definitions:

Publicly Listed

Pertains to a company or entity whose shares are traded on a stock exchange, allowing public investors to buy and sell its stock.

Telephone Numbers

Unique sequences of digits assigned for communication over telephone networks, essential for identifying participants in studies involving telephonic surveys.

Volunteer Sample

A sampling technique where participants are selected based on their willingness to volunteer, potentially leading to biased results.

Activism

The practice of campaigning or taking action to bring about political or social change.