Mario died in 2019. He had never been married. Five years prior to his death, Mario gifted his personal residence to his nephew but reserved the right to live in it until he died. At his death, Mario owned a vacation condo with a FMV of $350,000. In 2017, he gifted a $100,000 life insurance policy on his own life to his daughter. Three days after his death, dividends were declared on stock Mario had purchased in 2017. Which of the following is(are) included in his gross estate?

1. The FMV of the personal residence

2. The stock dividends declared after his death

3. The vacation condo with a $350,000 FMV

4 The $100,000 death benefit from the life insurance policy

A. 1, 3, and 4

B. 2, 3, and 4

C. 1 and 2

D. 3 and 4

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Which of the following assets is typically a good choice for lifetime gifting? [Choose one]

A. Stock in which the donor has experienced a loss in original value B. Business property that is not fully depreciated C. A life insurance policy on the life of a donor who is in relatively good health D. Inventory necessary for the continued operation of a closely held business

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13. Which of the following gifts is(are) eligible for the gift tax annual exclusion?

I. A gift of a life estate II. A gift of a remainder

A. I only B. II only C. Both I and II D. Neither I nor II