Question 4 A life insurance policy transferred to an irrevocable trust is a gift

ID: 2624485 • Letter: Q

Question

Question 4

A life insurance policy transferred to an irrevocable trust is a gift of a future interest.

True

False

2.5 points

Question 5

Identify transfers that are not included when determining taxable gifts.

You wrote a check directly to your alma mater for $2,000

You forgave the loan you made to your son last year which has outstanding payments and interest of $25,000

You contributed $500 to your favorite political candidate

You wrote a check directly to your alma mater for $2,000

You forgave the loan you made to your son last year which has outstanding payments and interest of $25,000

You contributed $500 to your favorite political candidate

A life insurance policy transferred to an irrevocable trust is a gift of a future interest.

True

False

2.5 points

Question 5

Identify transfers that are not included when determining taxable gifts.

You wrote a check directly to your alma mater for $2,000

You forgave the loan you made to your son last year which has outstanding payments and interest of $25,000

You contributed $500 to your favorite political candidate

You wrote a check directly to your alma mater for $2,000

You forgave the loan you made to your son last year which has outstanding payments and interest of $25,000

You contributed $500 to your favorite political candidate

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