Sunday, April 28, 2024
Taxation and Giving

1.2.3 Basic Quiz -- Gift Exemption
If a donor uses his or her annual gift exclusion to offset part of the tax on a gift he or she is prohibited from also using a portion of his or her lifetime gift exemption.
     True      False
In 2010, the gift tax was eliminated.
     True      False
The gift and estate tax credits are unified.
     True      False
The gift exemption has remained the same over the last 10 years.
     True      False
The gift tax is imposed on the value of all total gifts made in the current year and in all prior years.
     True      False
If a donor makes taxable gifts that do not exceed his or her gift tax credit, then the donor is entitled to a refund of the unused credit amount.
     True      False
A gift tax return is filed on Form 709, which is due on the 15th of January.
     True      False
Gifts made over 15 years ago and properly reported by a donor on the Form 709 are not considered when determining a donor's current year gift tax liability.
     True      False
A common strategy for leveraging the gift exemption is to create a family limited partnership and then make gifts of limited partnership interests to children.
     True      False
Incomplete gifts may be challenged by the IRS, causing adverse gift tax results.
     True      False



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