Identify which of the following statements is true.
A) Reversionary interests of less than 5% are includible in the gross estate.
B) A reversionary interest means a chance exists that the property may pass back to the transferor under the terms of the transfer.
C) If a reversionary interest exceeds 3% of the property's value, the amount that is included in the estate is not the value of the reversionary interest, but rather the date-of-death value of the gifted property less the value of intervening life estates.
D) All of the above are false.
B) A reversionary interest means a chance exists that the property may pass back to the transferor under the terms of the transfer.
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