Identify Which of the Following Statements Is True

question 97

Multiple Choice

Identify which of the following statements is true.

• A) The gift tax exclusion is available for a gift of a present or future interest.
• B) The trustee of a Sec. 2503(c) trust must distribute all of the corpus and accumulated income when the beneficiary reaches the age of 25.
• C) A "Crummey demand power" in a trust document allows the donor to demand a distribution from the trust in years in which assets are transferred to the trust.
• D) All of the above are true.

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Definitions:

Intermediate Calculations

Intermediate Calculations involve the computations or mathematical operations performed as steps between the initial setup and the final result or outcome in a process.

125-Day Note

A short-term debt obligation that matures or is due to be paid in 125 days from its issuance date.

360-Day Year

A financial convention assuming a year has 360 days, often used in interest calculations.

Intermediate Calculations

The computations performed as steps towards the final calculation or analysis of data, often part of a larger mathematical, financial, or statistical process.