Classify Each Statement Appearing Below

question 70

Short Answer

Classify each statement appearing below.
a.No taxable transfer occurs
b.Gift tax applies
c.Estate tax applies
-Hugh loans his adult daughter,Nadia,$800,000 to start her own business.Market rate interest is provided for,and Nadia signs a note that is payable in four years.Hugh dies two years later and,in his will,cancels the note.Nadia's business proved to be successful.

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Definitions:

Tetrapods

Describes a group of vertebrates that includes amphibians, reptiles, birds, and mammals, all characterized by having four limbs or limb-like appendages.

Aquatic Invertebrate

Aquatic invertebrates are animals without backbones that live in water environments; these include species such as mollusks, worms, and corals.

Terrestrial Invertebrate

An animal lacking a backbone, living on land, such as insects, spiders, and worms.

Gene Regulatory Network

A gene regulatory network is a collection of molecular regulators that interact with each other and with other substances in the cell to govern the gene expression levels of mRNA and proteins.