A Timely Issued Disclaimer by an Heir Transfers the Property

question 81

True/False

A timely issued disclaimer by an heir transfers the property to someone else without a Federal gift tax result.

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Definitions:

Current Liability

Obligations that a company is expected to pay off within the coming year or its operational cycle, whichever is longer.

Non-current

Term used to describe assets or liabilities that are not expected to turn into cash, be consumed, or paid within one year or the operating cycle, whichever is longer.

Instalment Payments

Payments made periodically towards the settlement of a debt or purchase price, typically including interest.