Pat and John Want to Reduce the Size of Their

question 30

Multiple Choice

Pat and John want to reduce the size of their by gifting their four grandchildren and two children the maximum tax free amount per year for the next five years.How much can they reduce their taxable estate by over this five years?

• A)$420,000
• B)$140,000
• C)$840,000
• D)$70,000

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Definitions:

Deductive

A logical process where a conclusion follows necessarily from the set of premises, provided the premises are true.

Hasty Generalization

A reasoning error where the conclusion is not supported by enough or impartial evidence.

Blizzard

A severe snowstorm characterized by strong sustained winds of 35 mph or more and lasting for a prolonged period of time, typically three hours or more.

Fallacy Of Accident

A logical error that occurs when an argument mistakenly applies a general rule to a specific case that is exceptional or atypical.