Which of the following is an example of a common clause in a purchase agreement? (a) the validity of the agreement depends on the seller's willingness to lower the (b) the validity of the agreement depends on the buyer's willingness to keep the asking price property as-is (c) the validity of the agreement depends on the buyer's ability to sell his or her own home (d) the validity of the agreement depends on the seller's ability prove he or she is buying another home

Which of the following is true concerning the 5/5 lapse rule? a) the 5/5 lapse rule deems that a taxable gift has been made where a power to withdraw in excess of $5,000 or five percent of the trust assets is lapsed by the powerholder. b) the 5/5 lapse rule only comes into play with a single beneficiary trust. c) amounts that lapse under the 5/5 lapse rule qualify for the annual exclusion. d) gifts over the 5/5 lapse rule do not have to be disclosed on a gift tax return.