Which of the Following Is an Example of a Gift

question 56

Multiple Choice

Which of the following is an example of a gift inter vivos?

• A)Tom is promised a watch by his uncle in case he dies during an operation.
• B)Eva receives a car as a birthday gift from her father.
• C)Casey inherits a mansion according to his late grandfather's will.
• D)A charity home receives a grant from its dead benefactor's trust.

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, a fundamental concept in economics and financial decision-making.

Underground Storage

Facilities used for storing various substances below the earth’s surface, often pertaining to fuel and hazardous materials.

Net Income

The total earnings of a company after all expenses and taxes have been deducted from total revenue, indicating the company's profitability.

CCA Class

In Canadian taxation, Capital Cost Allowance (CCA) Classes categorize depreciable assets for the purpose of determining annual depreciation expenses for tax purposes.