Which of the Following Statements About the Portability of the Unified

question 32

Multiple Choice

Which of the following statements about the portability of the unified transfer tax credit is true?

• A)When the first spouse dies, then any unused applicable exclusion amount will carry over to the other spouse.
• B)When the first spouse dies, then any unused applicable exclusion amount will carry over to the government.
• C)When the first spouse dies and is left with an excess amount after using the applicable exclusion, then the excess amount will carry over to a trust.
• D)It is a method of reducing gift taxes with the consent of the other spouse in which the gift can be treated as if each had been given one-half of it.
• E)It is a method of transferring assets between spouses, either by gift or through estate.

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Definitions:

Fractional-Inch

A unit of measurement in the customary system used in the United States, where measurements are expressed in fractions of an inch.

Reamers

Tools used to widen the size of a hole to precise dimensions and to improve its finish.

Engineering Drawings

Detailed drawings that communicate the specifications, dimensions, materials, and procedures for the manufacture or construction of an object.

Dimensioned

The process of annotating a drawing or a part with measurements for its size, shape, or location, providing necessary details for manufacturing.