Identify which of the following statements is true.
A) The creation of a joint bank account constitutes a taxable gift.
B) The creation of a joint tenancy by one person will result in a gift equal to the other joint tenant's pro rata interest in the property.
C) The naming of a life insurance policy beneficiary constitutes a gift for transfer tax purposes.
D) Since municipal bond interest is exempt from federal income taxation, gifting the bonds escapes the gift tax.
B) The creation of a joint tenancy by one person will result in a gift equal to the other joint tenant's pro rata interest in the property.
You might also like to view...
The implementation of an ERP creates an environment with a single point of failure, which places the organization at risk
Indicate whether the statement is true or false
Rooms-To-Go furniture retailers perform a channel intermediary facilitating function by providing financing for customers' purchases
Indicate whether the statement is true or false
Estimating and recording product warranty expense in the period of the sale best follows which of the following accounting concepts?
A) Cost concept B) Business entity concept C) Matching Concept D) Materiality concept
Antitrust law prohibits anticompetitive practices.
Answer the following statement true (T) or false (F)