Vincent Makes the Following Property Transfers in the Current Year

question 35

Multiple Choice

Vincent makes the following property transfers in the current year: • $5,000 tuition for a grandson paid directly to the school
• $1,000 medical expense for a child paid directly to a hospital
• $500 donation to the Democratic party
• $10,000 property settlement in conjunction with a divorce
• $3,000 room and board at college for a grandson paid directly to the school
Vincent's gifts for the year before considering the annual gift tax exclusion total

• A) $3,000.
• B) $19,500.
• C) $0.
• D) $19,000.

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Definitions:

Conscious Memories

Memories that can be intentionally recalled, such as facts or events that one has consciously experienced and stored in memory.

Egocentrism

A cognitive bias involving an inability to differentiate between one's own perspective and someone else's perspective.

Imprinting

A form of learning occurring at a specific life stage that is rapid and apparently independent of the consequences of behavior.

Infantile Amnesia

The inability of adults to recall episodic memories (memories of specific events or situations) from early childhood, typically before the age of 3-4 years.