Saturday, May 4, 2024
Taxation and Giving

1.2.2 Basic Quiz -- Annual Exclusion
The annual gift tax exclusion is available each year per donor-per donee.
     True      False
There is an unlimited gift tax exclusion for tuition paid directly to educational institutions.
     True      False
There are unlimited gift tax exclusions for payments made directly to health care providers.
     True      False
A donor may apply the annual gift tax exclusion to a deferred payment charitable gift annuity created solely for another person.
     True      False
A donor may apply the annual gift tax exclusion to a charitable remainder unitrust, annuity trust or current gift annuity.
     True      False
A net plus makeup unitrust does not qualify for the annual gift tax exclusion because it is possible that no income payments will be made in the first year.
     True      False
Transfers to a Sec. 2503(c) trust or gifts in accordance with the Uniform Transfers to Minors Act (UTMA) will qualify for the annual gift tax exclusion.
     True      False
Sec. 529 plans and qualified state tuition plans are an excellent way to make contributions to your favorite charity.
     True      False
Transfers into an irrevocable trust for the benefit of children or others can qualify for the annual gift tax exclusion through use of a "Crummey" power.
     True      False
"Crummey" powers are commonly used to fund irrevocable life insurance trusts, also known as wealth replacement plans.
     True      False



© Copyright 1999-2024 Crescendo Interactive, Inc.