INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-When a father deposits cash in a bank account held jointly with his daughter,a gift is made with the [father's deposit | daughter's withdrawal].

Question

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-When a father deposits cash in a bank account held jointly with his daughter,a gift is made with the [father's deposit | daughter's withdrawal].

Quizplus · Accepted Answer

When a joint account holder withdraws money, it is considered as their own funds and not a gift from the other joint account holders. Therefore, in this scenario, the daughter's withdrawal is not a gift, but rather her own money to access. It is the father's initial deposit that is considered a gift to the daughter.

INSTRUCTIONS: Choose the Word or Phrase in [ ] Which