Between 1986 and 1998 the de beers company controlled the world diamond market. de beers and its affiliated association of producers restricted diamond sales to maximize profits. de beers and its association was "the only game in town" and had what isa) a cartel. b) a duopoly. c) monopolistic competitor. d) perfect competitor.

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.