Suppose the one-month billing cycle for a credit card ends on the last day of the month. On which of the following end-of-month dates will the lowest
periodic rate be charged?
A. April 30
B. January 31
C. July 31
D. May 31

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.