Which of the Following Transfers Is a Completed Gift

question 41

Multiple Choice

Which of the following transfers is a completed gift?

• A)Payment of child support by a former spouse.
• B)Transfer of property to a revocable trust.
• C)Transfer of cash to a bank account held in joint tenancy with the right of survivorship.
• D)Income paid to the beneficiary of a revocable trust.
• E)None of these is a completed gift.

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Definitions:

Contract of Purchase

A legally binding agreement between parties for the sale and purchase of goods, services, or property.

Specific Goods

Items that are identified and agreed upon at the time a contract of sale is made, distinct from generic or interchangeable goods.

Point of Delivery

The specific location or moment when the transfer of goods or services from a seller to a buyer is considered complete.

Competition Act

Legislation aimed at preventing anti-competitive practices in the marketplace, protecting consumers and ensuring fair trade.