At the Time of His Death,Lance Held a Life Estate

question 123

Multiple Choice

At the time of his death,Lance held a life estate in the LM Trust.Under which of the following circumstances will the LM Trust be included in his gross estate?

• A)The trust was created by Lance and was revocable.He released the power to revoke four years before his death.
• B)The trust was created by Lance and is irrevocable.
• C)The trust was created by Lance's father.
• D)The trust was created by Lance's deceased wife and the executor of her estate did not make a QTIP election.
• E)Choices a.and b.but not c.and d.

---

Definitions:

Logarithm

The exponent to which a base, typically 10 or e, must be raised to produce a given number.

Properties of Logarithms

The set of rules that apply to logarithmic functions, including product, quotient, and power rules.

Logarithm

The exponent or power to which a base must be raised to produce a given number, commonly used in the operations of multiplication and division in a compressed form.

Change-of-Base Formula

A formula that allows the base of a logarithm to be changed, facilitating easier calculation.