Classify Each Statement Appearing Below

question 73

Short Answer

Classify each statement appearing below.
a. No taxable transfer occurs
b. Gift tax applies
c. Estate tax applies
-Hector transfers funds to his aunt so she can obtain a much needed heart bypass operation. The aunt does not qualify as Hector's dependent.

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Definitions:

Mitochondrial DNA

The small circular DNA found in mitochondria, which are the energy-producing organelles within cells, passed down maternally.

Base Pairs

Pairs of nitrogenous bases that connect the complementary strands of DNA or RNA, consisting of adenine with thymine (or uracil in RNA) and cytosine with guanine.

DNA Molecules

The molecules containing the genetic instructions for the development, functioning, growth, and reproduction of all known living organisms and many viruses.

Genetic Code

A set of rules by which information encoded in genetic material (DNA or RNA sequences) is translated into proteins by living cells.