A Qualified Disclaimer Must Be Made Within Nine Months After

question 39

True/False

A qualified disclaimer must be made within nine months after (a)the day the property is transferred, or (b)the day the person receiving the property becomes age 21, whichever is later.

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Definitions:

Earned Income

Income derived from active participation in a business or trade, including wages, salaries, tips, and other compensation for services rendered.

Future Services

The future work or duties to be performed under the terms of a service contract or agreement.

Extreme Uncertainty

Situations where the variables and risks affecting an outcome cannot be measured or predicted accurately due to insufficient information or understanding.

Cash Collected

This term generally refers to the amount of money a company receives during a specific period, including revenues from sales and other sources.