Identify the normative statement(s) among the following statement(s). a. The federal government budget deficit reached 4% of GDP last year. b. The federal government spends too much. c. The federal government’s spending is greater than its revenue to the treasury. d. the federal government has increased its spending by 5% last year.

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.