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:

Environmental Resources

Natural resources and conditions that support life and human economic activities, such as water, air, soil, and minerals.

Societal Needs

The basic requirements essential for communities and societies to function, such as food, shelter, health care, and education.

Sustainability

The capacity to maintain or sustain a process or situation over time, often relating to environmental, social, and economic factors.

Natural Resources

Naturally occurring materials or substances that can be exploited for economic gain, such as minerals, forests, water, and fertile land.