1. A life insurance policy transferred to an irrevocable trust is a gift of a future interest.

True

False

2. An IRS Form 709 must be filed when a married couple elects to split gifts, regardless of the amount of the taxable gift.

True

False

3. A husband who gifts his wife terminable interest property can take a marital deduction to reduce the taxable gift to zero by making a QTIP election on his gift tax return.

True

False

4. Hal gave his Beverly a necklace worth $5,000 and bought her a new car for $50,000 for their wedding anniversary. After using his available annual exclusion, what is the amount of the marital deduction that is available to Hal to offset the tax on these taxable gifts?

$50,000

$13,000

$40,000

$55,000