Peter sets a painting to his son for $2 malion dotars. The painting is worth $5 milion. This well be vewed as a lack of adequate censideraton and is treated as a $3 mallon gift. unless Peter can show that he lacked donative intent. if he lacke donative intent then it will not be viewed as a git! 1. True 2. False QursTion 7 During the year 2024, Donna transfers cash into a trust for the beneft of her close friends Evelyn and Franny. Evelyn is given a lfe estate in the property and Franny is given the remainder interest. If Francy is not alve at the time of Evelyn's death then the property goes back to Donna. Donnars interest in the trust is called a teversionary interest. 1. True 2. Fake QuEsTION 8 Sam makes a git of stock to his thend Taryn darng 2024. At the time of the git, Sam's AB in the stock is $20,000 and the stock FMV on the date of the get is $25,000. If Taryn later selis the stock for $28,000, she will have a $3,000 gain 1. Trive 2. False QUESTION 9 Upon the death of a resident of a communty property state, only haif of the value of any assets owned as community property are included in the decedents gross estate. 1. True 2. Fatse. QUESTION 10 An executor may elect the alternate valuation date of soc months after date of death. even if the FMV of the assets have increased. 1. True. 2. False