These statements are presented to you for evaluation: Statement I – When property is transferred in contemplation of death for insufficient consideration, such property shall be collated to the estate at its fair market value as of the time of death of the transferor. Statement II – Proceeds of life insurance policy taken by the decedent upon his own life shall be excluded from the gross estate if the designation of the beneficiary is irrevocable, whether such beneficiary is the estate or a third person. In your evaluation of the foregoing statements: Group of answer choices Only Statement II is true. Only Statement I is true. Both statements are false. Both statements are true.
These statements are presented to you for evaluation: Statement I – When property is transferred in contemplation of death for insufficient consideration, such property shall be collated to the estate at its fair market value as of the time of death of the transferor. Statement II – Proceeds of life insurance policy taken by the decedent upon his own life shall be excluded from the gross estate if the designation of the beneficiary is irrevocable, whether such beneficiary is the estate or a third person. In your evaluation of the foregoing statements: Group of answer choices Only Statement II is true. Only Statement I is true. Both statements are false. Both statements are true.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
24
These statements are presented to you for evaluation:
Statement I – When property is transferred in contemplation of death for insufficient consideration, such property shall be collated to the estate at its fair market value as of the time of death of the transferor.
Statement II – Proceeds of life insurance policy taken by the decedent upon his own life shall be excluded from the gross estate if the designation of the beneficiary is irrevocable, whether such beneficiary is the estate or a third person.
In your evaluation of the foregoing statements:
Statement I – When property is transferred in contemplation of death for insufficient consideration, such property shall be collated to the estate at its fair market value as of the time of death of the transferor.
Statement II – Proceeds of life insurance policy taken by the decedent upon his own life shall be excluded from the gross estate if the designation of the beneficiary is irrevocable, whether such beneficiary is the estate or a third person.
In your evaluation of the foregoing statements:
Group of answer choices
Only Statement II is true.
Only Statement I is true.
Both statements are false.
Both statements are true.
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