USD/GBP: Price for GBP in New York (in USD): USD/CHF: Price for CHF in Chicago (in USD) CHF/GBP: Price for GBP in Zurich (in CHF) USD 1.725 for 1 GBP USD 0.645 for 1 CHF CHF 2.75 for 1 GBP The three steps which will create triangular arbitrage profit are as follows: first step, convert ; second step, convert , and third step, convert

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.