Saturday, May 4, 2024
Taxation and Giving

1.2.6 Basic Quiz -- Gift Tax Calculation and Form 709
Gift taxes are paid by the donees since they receive the cash or property.
     True      False
The gift tax is calculated based on the value of the total taxable gifts made in the current year and all prior years.
     True      False
The Tax Code provides an unlimited gift tax deduction for gifts to charity and spouses.
     True      False
Gifts made over 10 years ago and properly reported by a donor are not considered when determining a donor's current year gift tax liability.
     True      False
A donee may increase his or her basis in property received if gift tax was paid on the transfer.
     True      False
The gift tax exemption is unified to the estate tax exemption.
     True      False
If a donor makes taxable gifts that do not exceed his or her exemption, then the donor is entitled to a refund of the unused exemption.
     True      False
A gift tax return is filed on Form 709.
     True      False
Payment of any gift taxes is due when the gift tax return is due.
     True      False
Filing Form 709 will start the three-year statute of limitations clock.
     True      False



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