In 2012, Glen Transferred Several Assets by Gift to Different

question 100

Multiple Choice

In 2012, Glen transferred several assets by gift to different persons. Glen dies in 2014. Information regarding the properties given is summarized below. Fair Market Value
The transfer of the land and the stocks and bonds resulted in a total gift tax of $60,000. As to these transactions, Glen's gross estate must include:

• A) $0.
• B) $200,000.
• C) $260,000.
• D) $1,900,000.
• E) $1,960,000.

---

Definitions:

Free Market

An economic system in which prices are determined by unrestricted competition between privately owned businesses.

Final Allocation

The ultimate distribution of goods, services, or resources among different parties or locations.

Corrective Tax

A tax designed to encourage or discourage certain behaviors or activities by including the cost of externalities, aimed at correcting market outcomes to reflect social costs or benefits.

Supply Curve

A graphical representation showing the relationship between the quantity of a good supplied and its price.