Classify Each Statement Appearing Below

question 196

Short Answer

Classify each statement appearing below.
a.No taxable transfer occurs
b.Gift tax applies
c.Estate tax applies
-Under her father's will,Faith is to receive 10,000 shares of GE common stock.Eight months after her father's death,Faith disclaims 5,000 shares.

---

Definitions:

Groundwater

Water stored underground in soil and crevasses, or an aquifer

Evaporation

The process by which a liquid turns into vapor, typically under the effect of heat.

Nitrogenase

The enzyme responsible for nitrogen fixation under anaerobic conditions.

Nitrogen Fixation

The chemical process by which atmospheric nitrogen is assimilated into organic compounds, especially by certain microorganisms as part of the nitrogen cycle.