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:

Midrange Theory

An approach that integrates empiricism and grand theory.

Structural Functionalists

A perspective in sociology that views society as a complex system, where its parts work together to promote stability and social order.

Dysfunction

A deviation from the norms in societal operations, often leading to negative consequences for the social system.

Social Change

Refers to the transformation over time of societal norms, values, and patterns of behavior.