Identify Which of the Following Statements Is True

question 63

Multiple Choice

Identify which of the following statements is true.

• A)The creation of a joint bank account constitutes a taxable gift.
• B)The creation of a joint tenancy by one person will result in a gift equal to the other joint tenant's pro rata interest in the property.
• C)The naming of a life insurance policy beneficiary constitutes a gift for transfer tax purposes.
• D)Since municipal bond interest is exempt from federal income taxation, gifting the bonds escapes the gift tax.

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Definitions:

Toner Vacuum

A specialized vacuum cleaner designed to safely clean up toner powder from laser printers and copiers without causing damage to the device or health hazards to the operator.

Special Filter

A filter designed for a specific application, capable of removing certain types of particles or wavelengths from passing through.

Excess Toner

Surplus toner powder that is not fused onto the paper during the printing process and must be properly cleaned out.

NTFS Permissions

A feature of the NTFS file system used in Windows Operating Systems that allows the setting of detailed access controls and permissions on files and folders.