A Crummey Trust

question 104

Multiple Choice

A Crummey trust

• A)provides the donor with the ability to retrieve the property.
• B)prohibits the beneficiary from withdrawing assets.
• C)allows the donor an annual exclusion for transfers.
• D)receives property that is not eligible for the annual exclusion.

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Definitions:

Fixed Assets

Fixed assets are long-term tangible assets that are used in the operations of a business and are not expected to be converted to cash within a year.

Tax Benefit

A reduction in tax liability, often received through deductions, credits, or other allowances.

Selling Price

The amount of money for which something is sold in the market.

Book Value

The net value of a company's assets minus its liabilities, often compared to the market value to assess if a stock is under or overvalued.