Classify Each Statement Appearing Below

question 85

Short Answer

Classify each statement appearing below.
a. No taxable transfer occurs
b. Gift tax applies
c. Estate tax applies
-Howard establishes a trust, life estate to his children, remainder to the grandchildren. Under its terms, the trust is revocable by Howard.

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Definitions:

Disciplinary Action

Measures taken by an organization in response to employees who have violated policies or expectations.

Easily Replaced Parts

Components in a product or system that are designed to be quickly and easily substituted when needed.

Critical Functions

Essential job duties that an employee must be able to perform, with or without reasonable accommodation.

Good Substitutes

Products or services that can be used in place of one another with minimal loss of utility or performance by the consumer.