Which of the Following Transactions Constitutes a Completed Gift Made

question 82

Multiple Choice

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

• A) Ellen reimburses her granddaughter $15,000 for her tuition at medical school.
• B) 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.
• C) Ellen names Larry the beneficiary of a $100,000 life insurance policy on Ellen's life. The beneficiary designation is revocable.
• D) 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.

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Definitions:

Primitive Map

A basic organizational layout or representation within the brain or nervous system that underlies the more complex structures and functions.

Cortex

The outer layer of the cerebrum in the brain, involved in high-level functions such as sensory perception, cognition, and motor control.

Thalamus

A structure in the brain that relays motor and sensory signals to the cerebral cortex.

Gene Methylation

A chemical modification of DNA that can affect gene expression, often by silencing genes, and plays a role in cellular differentiation and disease.