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Which of the following statements regarding both a Uniform Gifts to Minors account (UGMA) and a Uniform Transfers to Minors account (UTMA) is false?
Suggested Answer: D
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The false statement regarding both a UGMA and a UTMA is that the assets must be re-registered in the minor child's name when the child turns 18. The rule differs between the two types of accounts. The UGMA requires that the assets must be re-registered when the child reaches the ''age of majority,'' as defined by the state, and the definition differs among states. Under the UTMA, the transfer of the account can be delayed until the minor child has reached the age of 25.
12 comments · newest first
LI
Ligia
11 months ago
I disagree with C, I thought accounts could be revoked under certain conditions.
LY
Lynelle
12 months ago
Wait, the assets have to be re-registered at 18? That’s surprising!
LA
Lashunda
12 months ago
B is correct, only one minor per account.
SH
Sharee
12 months ago
I thought you could have multiple custodians?
GO
Goldie
1 year ago
A is true, only one custodian allowed.
TA
Taryn
1 year ago
I vaguely recall that the assets don't have to be re-registered at 18 for UTMA, so D might be the false statement here.
DO
Donette
1 year ago
I practiced a question similar to this, and I think all accounts are irrevocable once set up, so C could be the false one.
RO
Rosio
1 year ago
I'm not entirely sure, but I feel like the account can only be for one minor child, which makes B seem true.
MA
Marylin
1 year ago
I think I remember that there can actually be more than one custodian for these accounts, so A might be the false statement.
YO
Yong
1 year ago
This question seems straightforward, but I want to make sure I get it right. I believe the three types of transport nodes are NSX Edges, NSX Controllers, and Physical routers. I'll carefully review the options to confirm.
HA
Haydee
1 year ago
Okay, I've got this. The question is asking for a way to express the concept that outputs depend on all the inputs. Option A, "Y = f(Xn)," is the mathematical representation of that relationship. I'm confident that's the correct answer.
VE
Verlene
1 year ago
Okay, I've got this. Organizational units responsible for producing products or services and controlling their costs would be production cost centers. That's option A.