Afew years ago, in order to gain market share, blackboard™, a well-known management system software company used by many colleges and universities, joined forces with web ct™, another management system software company. both companies were in the same industry and originally competed against one another. in business, we would call the joining of these two firms a(n)

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.