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A. Option D
B. Option B
C. Option C
D. Option A
Answer: A
Any Buy-Sell agreement, restrictions, or other similar factor relating to the right to use or sell the property will be ignored for estate gift, and generation skipping tax purposes unless the agreement meets any of the following test EXCLUDING:
A. It must be a device to transfer the property to the natural objects of the transferor's bounty (such as family members) for less than adequate and full consideration in money or money's worth
B. Its terms must be comparable to similar arrangements entered into by persons in an arm's length transaction
C. It is a key player in Buy-Sell arrangements
D. It is a bona fide business arrangement
Answer: C
Which of the following transactions can generate commitments on CO objects automatically?(Choose two)
A. Purchasing contract
B. Purchase order
C. Purchasing quotation
D. Purchase requisition
Answer: B,D
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