Which of the Following Circumstances Would Cause the Gifted Property

question 45

Multiple Choice

Which of the following circumstances would cause the gifted property to be included in the donor's gross estate? I. Donor retains a life estate in the gift property.
II) Donor retains the power to revoke or amend the gift.
III) Donor gives more than $14,000 to one donee in one year.
IV) Donor dies within three years of gifting land.

• A)I, II and III
• B)I, II
• C)II, IV
• D)III, IV

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Definitions:

Implied-In-Fact Contract

A contract implied by direct or indirect acts of the parties.

Unfairly Benefited

A situation where one party gains an advantage or profit at the expense of another in an unjust manner.

Quasi-Contract

An obligation imposed by law to prevent unjust enrichment, even in the absence of a formal contract.

Mutual Obligations

Requirements or duties that are shared and are expected to be fulfilled by all parties involved in an agreement or relationship.