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 dies.

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 dies.
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Question

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A gift occurs when the bond is registered, not upon Sam's death. The registration itself constitutes the gift, as it establishes Don's right to the bond upon Sam's death.

Sam Purchases a U