Short answer problem. Please cite the applicable regulation, case, or other authority in support of your answer/analysis. Please note if the answer is yes or no, and could be it depends please state what the issue is and what additional information you would need to answer the problem.

A) G transfer an insurance policy on Gs life to X. The policy is payable to X. Does the gift qualify for the exclusion?

B) G transfers an insurance policy on Gs life to a trust. The policy is payable to X. Does the gift qualify for the exclusion?