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Hello, I have some questions about finance ( life insurance ) please help me to answer them as soon as possible

11) Jack purchased a universal life insurance, which failed to meet internal Revenue code definition of insurance. Jack died and his daughter received the death proceed. Because Jacks policy failed to meet IRCS definition of insurance, the total amount of the death proceed should be included in Jacks daughters taxable income.

A- True

B- false

21) Which of the following is / are example(s) of the incidents of ownership policy? (1) the right to change the beneficiary.(2) the right to surrender or terminate the policy. (3) the right to assign the policy.(4) the right to receive death benefit

A- (1)and (2) only

b- (1), (2) ,and (3) only

c- (2) and(3) only

d- (1),(2),(3) and(4)

22) tax credit applies as s dollar- for- dollar offset against the tax

A) True

B) False

23) U.S tax laws permits a substantial unified credit to be applied against estate and gift taxes otherwise due.

A- True

B- False

24) In year 2010, the heirs of decedents who during 2010 can choose either to apply the modified carryover basis rule under 2001 Act or to apply the estate tax rule under 2010 Act.

A-True

B- False

25) In year 2015, the exemotion equivalent with respect to the taxable estate and taxable gifts is $5.43 million and the maximum federal estate tax is 40%

A- True

B- False

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