Identify which of the following statements is false.

Question

Quizplus · Accepted Answer

A gift occurs when property is transferred from one person (the donor) to another person (the donee), with the intention of making a present transfer of property and without receiving anything of equivalent value in return. Funding a revocable trust is not necessarily a gift because the donor can still control the assets and revoke the trust. Only when the assets are transferred irrevocably to the trust and the donor receives no control over them, does a gift occur.

Identify Which of the Following Statements Is False