Identify Which of the Following Statements Is False

question 105

Multiple Choice

Identify which of the following statements is false.

• A)The gift-splitting election will apply to all transfers made during the portion of any year that the spouses electing gift splitting are married to each other.
• B)The gift-splitting election is made separately on each gift either spouse makes.
• C)Making gifts during one's lifetime helps to reduce the amount of estate taxes owed at death.
• D)In order to use gift splitting, both spouses must be U.S. citizens or residents at the time of the transfer.

---

Definitions:

Universal Right

A fundamental privilege or entitlement that is believed to apply to all people regardless of nationality, status, or location.

Contract

An agreement between two or more parties creating obligations that are enforceable or otherwise recognizable at law.

Assignment

The transfer of rights or property from one party to another, often seen in contracts or similar agreements.

Assignable

Refers to rights or property that can be transferred or made over to another party by the owner.