Which of the Following Statements Is(are)true for Both Gratuitous and Testamentary

question 5

Multiple Choice

Which of the following statements is(are) true for both gratuitous and testamentary transfers?

• A) An applicable credit of up to $14,000 per donee per year reduces the tax on any transfer.
• B) An annual exclusion offsets any transfer up to $14,000.
• C) An election can be made to split a transfer between spouses.
• D) A charitable and a marital deduction are allowed in computing the taxable transfer.
• E) All of the choices are true.

---

Definitions:

Sarcasm

The use of irony to mock or convey contempt, often characterized by verbal comments that mean the opposite of what they seem to say.

Humor

The quality of being amusing or comic, especially as expressed in literature or speech.

Psychiatric Patient

An individual who is receiving treatment and care for mental health conditions or disorders from mental health professionals.

Professional Advice

Guidance or recommendations given by someone who is well-trained and knowledgeable in a particular field.