Classify Each of the Following Statements

question 7

Multiple Choice

Classify each of the following statements.
-Howard establishes a trust, life estate to his children, remainder to the grandchildren. Under its terms, the trust is revocable by Howard. Howard later relinquishes the right to revoke the trust.

• A)No taxable transfer occurs.
• B)Gift tax applies.
• C)Estate tax applies.

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Definitions:

Semicolons

Punctuation marks (;) used to connect independent clauses in a sentence that are closely related or to separate items in a complex list.

Grammar Checker

A software or program designed to identify and correct grammatical errors in texts.

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Outdated

Referring to something that is no longer in use, current, or relevant due to the passage of time or advancements in technology.