In Which, If Any, of the Following Independent Situations Has

question 161

Multiple Choice

In which, if any, of the following independent situations has Jean made a gift?

• A) Jean gives her 19-year old son $20,000 to be used by him for his college expenses.
• B) Jean buys her grandfather a new $120,000 RV for his birthday.
• C) Jean sends $14,000 to Temple University to cover her nephew's tuition. The nephew does not qualify as Jean's dependent.
• D) Jean contributes $10,000 to her Congressman's reelection campaign.
• E) None of the above.

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Definitions:

Peaceful Recovery

The process of reclaiming possession of property or assets without the use of force or legal confrontation.

Perfection By Possession

A legal concept referring to the protection of a security interest in collateral by taking physical possession of it.

Advantages

Positive aspects or benefits associated with a particular situation, product, or service.

Security Interest

A legal claim or lien on collateral that has been pledged, usually to secure a loan.