Identify Which of the Following Statements Is False

question 54

Multiple Choice

Identify which of the following statements is false.

• A)A gift occurs when a revocable trust is funded.
• B)A gift does not occur until the transfer is complete.
• C)A transfer is incomplete (and not subject to the gift tax)if the donor retains the power to name new beneficiaries or to change the interests of the beneficiaries.
• D)Transfers to an irrevocable trust can be deemed incomplete.

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Definitions:

Old And New

The contrast between items, ideas, or eras from the past and their counterparts or innovations from the present.

Bangalore

A major city in southern India, known for its thriving information technology industry.

Diesel Generators

Power generation units that convert diesel fuel into electricity, commonly used for backup power or in areas without access to the electric grid.

No Crowds

The absence of a large group of people gathered together, often implying a place or situation that is not busy or congested.