Classify Each of the Following Statements

question 2

Multiple Choice

Classify each of the following statements.
-Homer purchases a U.S. savings bond listing title as: "Homer, payable to Bernice upon Homer's death." Bernice is Homer's sister. Homer dies four years later, and Bernice cashes in the bond and keeps the proceeds.

• A)No taxable transfer occurs.
• B)Gift tax applies.
• C)Estate tax applies.

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Definitions:

Postindustrial Nation

Refers to a country that has moved from industrial production to service and information management predominance.

Industrializing Country

A nation in the process of moving from an agriculture-based economy to one based on the manufacturing of goods and services.

Social Movements

Organized efforts by a large group of people to achieve or prevent change in society, often aiming at social justice, policy reform, or revolution.

Collective Behavior

The actions, thoughts, and feelings of a relatively spontaneous and unstructured group of people in response to common influences or objectives.