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.

---

Definitions:

Disney World

A world-renowned entertainment complex located in Florida, known for its theme parks, resorts, and numerous attractions.

Costume

An ensemble of clothes and accessories worn to resemble a character or period.

Training Develop Capabilities

The process of enhancing the skills, knowledge, and competencies of employees to improve their performance and enable them to take on greater responsibilities.

Hiring

The process of finding, attracting, selecting, and appointing suitable candidates for jobs within an organization.