Which of the Following Transactions Constitutes a Completed Gift Made

question 40

Multiple Choice

Which of the following transactions constitutes a completed gift made by Ellen, a widow, in the current year?

• A)Ellen deposits $100,000 cash and Matt deposits $5,000 cash into a joint savings account. Matt does not withdraw anything during the current year.
• B)Ellen names Larry the beneficiary of a $100,000 life insurance policy on Ellen's life. The beneficiary designation is revocable.
• C)Ellen transfers property to a revocable trust, naming the bank as trustee. The trustee must pay out all the income to Ed over Ed's lifetime, beginning next year.
• D)Ellen reimburses her granddaughter $15,000 for her tuition at medical school.

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Definitions:

Academic Community

A group of scholars, researchers, teachers, and students engaged in the pursuit of knowledge, often within a university or similar institution, sharing an interest in academic studies and research.

Participative Behaviors

Activities and actions taken by leaders or group members that encourage and facilitate involvement and input from others in decision-making processes.

Task And Work

The specific duties and responsibilities assigned to an individual or team within an organizational setting.

Supportive Leadership

A leadership style that focuses on the welfare, needs, and interests of followers, often through encouragement and empowerment.