Which of the Following Statements Is(are) True for Both Gratuitous

question 48

Multiple Choice

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

• A) A unified credit of up to $1 million reduces the tax on any transfer.
• B) An annual exclusion offsets any transfer up to $12,000.
• 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 these are true.

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Definitions:

Midbrain

A portion of the brainstem that plays an important role in vision, hearing, motor control, sleep/wake, arousal (alertness), and temperature regulation.

Olfactory Bulbs

Structures located at the base of the brain that process information about odors detected by cells in the nasal cavity.

Longitudinal Fissure

The deep groove that separates the two hemispheres of the brain.

Cerebral Hemispheres

The two halves of the brain, divided by the longitudinal fissure, responsible for controlling opposite sides of the body and different aspects of cognitive function.