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:

Mainstream Culture

The dominant set of norms, values, and practices of the majority population within a society.

Career Apparel

Clothing and accessories appropriate for a professional setting or occupation, often reflecting the industry's standards or norms.

Competitors

Entities or individuals that compete within the same market or field, aiming to achieve a goal such as winning customers or market share.

Business Casual

A dress code that is less formal than traditional business wear but is intended to still convey a professional and businesslike appearance.