Classify Each of the Following Statements

question 137

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.

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

---

Definitions:

Assimilation

The process of integrating new information into existing cognitive schemas, perceptions, and understanding.

Schema

Cognitive structures that help individuals organize and interpret information, based on knowledge gained from past experiences.

Assimilated

The process by which individuals or groups of differing culture come to resemble those of the dominant group, sometimes including the adoption of language, customs, and values.

Accommodated

Adjusted or modified to meet specific needs or requirements.