Identify Which of the Following Statements Is False

question 54

Multiple Choice

Identify which of the following statements is false.

• A)A gift occurs when a revocable trust is funded.
• B)A gift does not occur until the transfer is complete.
• C)A transfer is incomplete (and not subject to the gift tax)if the donor retains the power to name new beneficiaries or to change the interests of the beneficiaries.
• D)Transfers to an irrevocable trust can be deemed incomplete.

---

Definitions:

Revolution

A fundamental and relatively quick change in political power or organizational structures that takes place when the population revolts against existing authorities.

Revolutionary War

A conflict from 1775 to 1783 in which the Thirteen American Colonies won independence from Great Britain, becoming the United States of America.

Philadelphia's Artisan

Refers to skilled craft workers who produce handcrafted goods or engage in trades in Philadelphia, a city with a rich history of craftsmanship.

Democratic Politics

The practice and principles of democracy in the political sphere, emphasizing participation, competition, and representation.