In 2000,Irv Creates a Revocable Trust,income Payable to His Children

question 33

True/False

In 2000,Irv creates a revocable trust,income payable to his children for life,remainder to his grandchildren.In 2008,Irv relinquishes the power to revoke the trust.If Irv dies in 2009,the trust is not included in his gross estate.

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Definitions:

Capital Budgeting

A process that companies use to evaluate and select long-term investments based on their potential to generate profit.

Corporate Organizational Structure

Corporate Organizational Structure defines how activities such as task allocation, coordination, and supervision are directed towards the achievement of organizational aims.

Vice President

An officer in a government or business organization ranking below a president or chief executive officer.

Chief Executive Officer

The highest-ranking executive in a company, responsible for major corporate decisions, overall operations, and resource management.