40. In 1994, Mr. Grant, a United States citizen, made adjusted taxable gifts of $310,000. He died on March 15, 2016. At the time of his death, the fair market value of his assetswere his home,$2,000,000; car, $35,000; cash, $800,000; and other investments, $2,500,000. None of Mr. Grant's gifts are included in his estate under Sections 2035 - 2038. Mr. Grant's executor is required to file Form 706, United States Estate (and Generation Skipping Transfer) Tax Return.

A. True. B. False.