All Gratuitous Transfers of Property Are Subject to Gift Tax

question 47

True/False

All gratuitous transfers of property are subject to gift tax.

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Definitions:

Pacemaker

A device that delivers electrical impulses to the heart to regulate the heartbeat, used in cases of arrhythmia. Another reference is to specialized heart cells that naturally set the rhythm of the heart.

SA Node

The sinoatrial node, known as the heart's natural pacemaker, which initiates the electrical impulses that dictate heart rhythm.

Coronary Veins

Veins that drain deoxygenated blood from the myocardium (heart muscle) into the right atrium.

Myocardium

The muscular tissue of the heart, responsible for the contraction and propulsion of blood.