24 These statements are presented to you for evaluation: Statement I – When property is transferred in contemplation of death for insufficient consideration, such property shall be collated to the...

These statements are presented to you for evaluation:


Statement I – When property is transferred in contemplation of death for insufficient consideration, such property shall be collated to the estate at  its fair market value as of the time of death of the transferor.


Statement II – Proceeds of life insurance policy taken by the decedent upon his own life shall be excluded from the gross estate if the designation of the beneficiary is irrevocable, whether such beneficiary is the estate or a third person.


In your evaluation of the foregoing statements:

Group of answer choices