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On March 1, Bruce Transfers $300,000 to a Revocable Trust

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Essay

On March 1, Bruce transfers $300,000 to a revocable trust with Sprint Bank as trustee. The trustee must pay out all the income to Sam during Sam's lifetime. At Sam's death, the property is to be paid to Sam Jr. On December 31, the trustee distributes $40,000 of income to Sam. What date did a gift occur? What was the amount of the gift?


Definitions:

Association Test

A psychological test used to assess implicit associations between different concepts by measuring response times to paired stimuli.

Stems

In psychology, often refers to the initial part of a test item or question that presents the problem or context to which the test-taker must respond.

Starters

In a general context, this refers to individuals or things that initiate or begin something; in a culinary context, it refers to appetizer dishes served before the main course.

Rorschach Scoring System

A method for analyzing responses to the Rorschach inkblot test, used to assess personality structure and identify psychological disorders.

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