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.

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Definitions:

Wealth

The abundance of valuable resources or material possessions, or the control over such assets.

Subjective Measure

An assessment based on personal opinions, feelings, or attitudes, rather than objective, measurable criteria.

Flying Buttresses

Flying buttresses are architectural elements used in Gothic cathedrals that transfer the weight of the roof and upper walls outward to external supports, allowing for higher and thinner walls and large stained-glass windows.

Nave Vaults

Arching forms in the central part of a church that are used to span the space over the nave, creating a ceiling or roof.