Identify Which of the Following Statements Is False

question 92

Multiple Choice

Identify which of the following statements is false.

• A)If an individual transfers property in trust and reserves the right to the trust's income for life, the individual retains a life estate.
• B)An individual who receives a remainder interest will receive property after the death of the holder of a life estate.
• C)If a grantor transfers property in trust and names a beneficiary to receive only a term-certain interest and then the property is to return to the grantor, the transaction is not subject to gift tax.
• D)Life estates are valued using actuarial tables.

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Definitions:

Import

The process of bringing goods or services into a country from abroad for sale.

Export

The process of sending goods or services produced in one country for sale in another country.

Labor-Abundant

Describes an economy or sector that has a relatively high supply of labor compared to capital.

Land-Scarce

A situation where the availability of usable land is limited, often leading to higher property values and intensified use of land.