1. Which of the following statements is false regarding a bargain sale? explain
The difference between the fair market value of the asset and the consideration received in exchange for the asset is considered a gift.
The gift portion of a bargain sale will qualify for the annual exclusion.
A bargain sale is generally inappropriate if the buyer of the property is a family member.
If the property is sold by the seller for more than the seller’s basis in the property, a taxable gain will result.
2. Which of the following is not a method for transferring property outside of the probate process explain
State contract law.
State intestacy law.
State property titling law with survivorship feature.
State trust law.