Classify each statement appearing below.
a. No taxable transfer occurs
b. Gift tax applies
c. Estate tax applies
-Van takes out an insurance policy on Myrna's life and designates himself as the beneficiary. Myrna is Van's wife. Two years later, Myrna dies, and Van collects the insurance proceeds.

Question

Quizplus · Accepted Answer

The Answer of Classify each statement appearing below.
a. No taxable transfer occurs
b. Gift tax applies
c. Estate tax applies
-Van takes out an insurance policy on Myrna's life and designates himself as the beneficiary. Myrna is Van's wife. Two years later, Myrna dies, and Van collects the insurance proceeds.

Classify Each Statement Appearing Below