Sam purchases a U.S. savings bond which he registers as follows: "Sam, payable to Don upon Sam's death." A gift occurs when Sam purchases the bond.

Name: Sam purchases a U.S. savings bond which he registers as follows: "Sam, payable to Don upon Sam's death." A gift occurs when Sam purchases the bond.
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Question

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A gift does not occur when Sam purchases the bond because he has specified it to be payable to Don upon his own death, meaning he retains ownership and control of the bond until he passes away.

Sam Purchases a U