Which of the following statements is not, Ask an Expert

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Which of the following statements is not accurate?

a. D's lending her daughter $40,000 to go to dental school, but then tearing up the IOU upon graduation constitutes a gift for federal gift tax purposes.
b. D's transfer in trust, with income to A and/or B for life, remainder to C constitutes a completed gift to C for federal gift tax purposes.
c. D's transfer in trust, with income to A and/or B for life, remainder to C constitutes a completed gift to A and B for federal gift tax purposes.
d. statements b and c are accurate, but statement a is not accurate.
e. statements a, b, and c are accurate.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9409673

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