Merl is an investment broker on Wall Street. In the late 1990s, he noticed that the pace increased in the financial markets considerably and that many of his colleagues seemed to be getting away with practices that were shady at best and possibly illegal. What is the term for the policy change that allowed for this change on Wall Street

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.