Donald puts a lot of money into a bucket and gives Bernie a power of appointment over the money in the bucket. Bernie has the power to distribute that money only to himself, his creditors, his estate, or his estate's creditors. What is the correct name for his power of appointment? It is a/an:     General power of appointment     Limited power of appointment

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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Question 9

  1. Donald puts a lot of money into a bucket and gives Bernie a power of appointment over the money in the bucket. Bernie has the power to distribute that money only to himself, his creditors, his estate, or his estate's creditors. What is the correct name for his power of appointment? It is a/an:
       
    General power of appointment
       
    Limited power of appointment

 

Question 10

  1. True or False. The spousal consent rules for the annual exclusion require the non-donor spouse to consent to all gifts made by the donor spouse in that year; he or she cannot select which gifts he or she will join and which he or she will not.
       
    True
       
    False
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