23. Which of the following items is not includible in the gross estate of John, the decedent?

a. Gift tax paid on a gift made by John two years before his death.

b. The proceeds of life insurance on John's life where all incidents of ownership were transferred to an irrevocable trust 18 months prior to his death.

c. The present value of a joint and survivorship annuity purchased by John's wife, Frieda.

d. Property subject to John's testamentary general power of appointment.

24. The following statements about Qualified Terminable Interest Property (QTIP) trusts are true, except:

a. A QTIP trust may not be implemented prior to the grantor s death.

b. Only the grantor s spouse may be the income beneficiary, but may refuse to accept the bequest and elect against the will.

c. The QTIP trust is a simple trust and anyone, including a charity, may be the remainderperson.

d. If a trust otherwise qualifies, QTIP treatment may be elected for an undivided portion of the trust, such as 78 percent.