Classify Each Statement Appearing Below

question 85

Short Answer

Classify each statement appearing below.
a. No taxable transfer occurs
b. Gift tax applies
c. Estate tax applies
-Howard establishes a trust, life estate to his children, remainder to the grandchildren. Under its terms, the trust is revocable by Howard.

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Definitions:

Linking

The process of creating connections between various pieces of data, documents, or programs to facilitate easy access to related information.

Importing

The process of bringing data from an external source into a software application or system.

External File

A file stored outside of the current working document or database, which can be accessed or imported into the document.

PDF File

A Portable Document Format file, designed to present documents consistently across multiple devices and platforms, keeping the formatting intact.