Which of the Following Transactions Constitutes a Completed Gift Made

question 40

Multiple Choice

Which of the following transactions constitutes a completed gift made by Ellen, a widow, in the current year?

• A)Ellen deposits $100,000 cash and Matt deposits $5,000 cash into a joint savings account. Matt does not withdraw anything during the current year.
• B)Ellen names Larry the beneficiary of a $100,000 life insurance policy on Ellen's life. The beneficiary designation is revocable.
• C)Ellen transfers property to a revocable trust, naming the bank as trustee. The trustee must pay out all the income to Ed over Ed's lifetime, beginning next year.
• D)Ellen reimburses her granddaughter $15,000 for her tuition at medical school.

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Definitions:

Social Class

A system of social stratification based on income, wealth, education, occupation, and social networks that affects people's lifestyles, opportunities, and social behaviors.

Stigmatized Targets

Individuals or groups that are socially marginalized, discriminated against, or discredited due to certain characteristics or identities.

Homosexual Experience

Encounters or activities involving emotional, romantic, or sexual attraction between members of the same sex.

Sexual Behavior

The ways in which individuals express their sexual interests and desires, which can vary widely among different cultures and individuals.