Classify Each of the Following Statements

question 68

Multiple Choice

Classify each of the following statements.
-Using his own funds, Horace establishes a savings account designating ownership as follows: "Horace and Nadine as joint tenants with right of survivorship." Horace later withdraws all of the funds.

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

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Definitions:

Dir

A command used from a command prompt that displays the contents of a directory.

Motion Sensors

Motion sensors are devices that detect moving objects, typically used in security systems, lighting controls, and automated systems to respond to the presence or movement of people or objects.

CCTV

Stands for Closed-Circuit Television, a system of video cameras used to transmit a signal to a specific place, on a limited set of monitors, for surveillance purposes.

Cable Locks

Cable locks are physical security devices used to secure portable devices, such as laptops, to an immovable object to prevent theft.