Classify Each of the Following Statements

question 7

Multiple Choice

Classify each of the following statements.
-Howard establishes a trust, life estate to his children, remainder to the grandchildren. Under its terms, the trust is revocable by Howard. Howard later relinquishes the right to revoke the trust.

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

---

Definitions:

Nicotine Withdrawal

The series of physical and psychological symptoms that occur when a person who has become dependent on nicotine abruptly stops using it.

Irritability

A state of increased sensitivity or susceptibility to being annoyed, easily upset, or angered.

Hyperfocused Attention

An intense concentration or fixation on a particular activity or task, often to the exclusion of everything else.

Decreased Appetite

Decreased appetite describes a reduction in the desire to eat, which can be due to various factors such as illness, stress, or medication effects.