Discussion Question 1-20 Federal Gift Tax - Availability of the Marital Deduction for Transfers between Spouses (LO. 4) Jake (age 72) and Jessica (age 28) were recently married. To avoid any transfer taxes, Jake has promised to leave Jessica all of his wealth when he dies. Is Jake under some misconception about the operation of the Federal gift and estate taxes? Select "Yes or No", whichever is applicable. a. Jake is correct. The marital deduction allows interspousal transfers at death free of any tax but does not apply to lifetime gifts. SelectYesNo b. Jake is incorrect. The marital deduction allows interspousal transfers (whether by gift or at death) free of any tax (either gift or estate). SelectYesNo c. Jake is incorrect. The marital deduction allows interspousal transfers by gift free of any tax but does not apply to transfers at death. SelectYesNo