Stacey Inherits Unimproved Land (Fair Market Value of $6 Million)from

question 46

Multiple Choice

Stacey inherits unimproved land (fair market value of $6 million) from her father on June 1,2011.Stacey disclaims her interest in the property as follows: one-third on December 1,2011;one-third on January 3,2012;and the remaining one-third on May 31,2012.In all cases,the disclaimers pass the interest to her son (the next heir under state law) .The Federal gift tax applies to Stacey for:

• A)All of the disclaimers.
• B)The disclaimer made in 2011.
• C)The May 31,2012 disclaimer.
• D)All of the disclaimers made in 2012.
• E)None of the disclaimers.

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Definitions:

Electrophoresis

A laboratory technique used to separate macromolecules like DNA or protein based on their size and charge.

Cathode

The electrode in a battery or electrolytic cell where reduction occurs; it attracts cations.

Anode

The electrode in an electrochemical cell at which oxidation occurs, electrons are released, and positive current flows into the device from the external circuit.

Phenylalanine

An essential amino acid with the formula C9H11NO2, known for its role in the biosynthesis of proteins and a precursor to neurotransmitters.