Question 4

1. A life insurance policy transferred to an irrevocable trust is a gift of a future interest.

   True

   False

2.5 points

Question 5

1. Identify transfers that are not included when determining taxable gifts.

   		You wrote a check directly to your alma mater for $2,000
   		You forgave the loan you made to your son last year which has outstanding payments and interest of $25,000
   		You contributed $500 to your favorite political candidate