All the following items will be included in a decedent’s gross estate at their date of death value for federal estate tax purposes EXCEPT:

All the following items will be included in a decedent’s gross estate at their date of death value for federal estate tax purposes EXCEPT:
A . a gratuitous transfer of property taking effect at the decedent’s death
B . a gratuitous life time transfer of property in which the decedent retained the power to revoke the transfer with the consent of another person
C . a no-refund life annuity payable to the decedent that was purchased by the decedent from a life insurance company
D . a gratuitous life time transfer in which the decedent retained a reversionary interest on the date of
death equivalent to more than 5 percent of the value of the property

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Answer: C