Question 1

Discuss the purpose of the gift tax annual exclusion.

Accepted Answer

Congress enacted the annual ex

Question 2

Mia makes a taxable gift when she makes her mother a joint owner on Mia's bank account.Mia has $25,000 in the account.

Accepted Answer

A) True 
 B)False

Question 3

Hu makes a gift of his home to a local homeless shelter (a 501(c)(3)charity).Hu will retain his home for 10 years,after which the homeless shelter will take possession.The value of Hu's 10-year interest is $30,000 and the remainder interest is valued at $120,000.Which of the following statements is correct?

Accepted Answer

A) Hu is allowed a charitable deduction on his gift tax return for $150,000 in the current year. 
B) Hu is allowed an exclusion of $12,000 on his gift of $120,000 to the charity. 
C) Hu is not allowed to deduct the contribution until the charity takes possession in 10 years. 
D) Hu has a charitable contribution deduction of $120,000 on his current gift tax return. 
A) Hu is allowed a charitable deduction on his gift tax return for $150,000 in the current year. 
B) Hu is allowed an exclusion of $12,000 on his gift of $120,000 to the charity. 
C) Hu is not allowed to deduct the contribution until the charity takes possession in 10 years. 
D) Hu has a charitable contribution deduction of $120,000 on his current gift tax return.

Question 4

In the current year,Martha makes the transfers below to her husband,Ryan.What is the amount,if any,of her marital deduction?
a)In August,she gives him a house valued at $250,000.
b)In December,she gives him a 15-year income interest in a trust with the bank name as trustee.She names her son as the remainderman.The trust is irrevocable and is funded with $500,000 of assets,and 8% is the applicable interest rate.

Accepted Answer

a)The marital deduction is $236,000 ($25

Question 5

Which of the following situations requires that a gift tax return be filed?

Accepted Answer

A) George gives wife,Laura,a new car for her birthday. 
B) Yanisha makes gifts of $3,000 of present interest property to each of her nieces and nephews. 
C) Archie pays the hospital medical bills for his friend Paige. 
D) Ida purchases a beach home,listing Mark as a joint tenant.Mark provides no consideration for the home. 
A) George gives wife,Laura,a new car for her birthday. 
B) Yanisha makes gifts of $3,000 of present interest property to each of her nieces and nephews. 
C) Archie pays the hospital medical bills for his friend Paige. 
D) Ida purchases a beach home,listing Mark as a joint tenant.Mark provides no consideration for the home.

Discuss the purpose of the gift tax annual exclusion.

Mia makes a taxable gift when she makes her mother a joint owner on Mia's bank account.Mia has $25,000 in the account.

Which of the following situations requires that a gift tax return be filed?

Tax Research

Corporate Formations and Capital Structure

The Corporate Income Tax

Corporate Nonliquidating Distributions

Other Corporate Tax Levies

Corporate Liquidating Distributions

Corporate Acquisitions and Reorganizations

Consolidated Tax Returns

Partnership Formation and Operation

Special Partnership Issues

US Corporations

The Estate Tax

Income Taxation of Trusts and Estates

Administrative Procedures

Us Taxation of Foreign-Related Transactions

Filters

Exam 12: The Gift Tax

Discuss the purpose of the gift tax annual exclusion.

Mia makes a taxable gift when she makes her mother a joint owner on Mia's bank account.Mia has $25,000 in the account.

Which of the following situations requires that a gift tax return be filed?

Tax Research

Corporate Formations and Capital Structure

The Corporate Income Tax

Corporate Nonliquidating Distributions

Other Corporate Tax Levies

Corporate Liquidating Distributions

Corporate Acquisitions and Reorganizations

Consolidated Tax Returns

Partnership Formation and Operation

Special Partnership Issues

US Corporations

The Estate Tax

Income Taxation of Trusts and Estates

Administrative Procedures

Us Taxation of Foreign-Related Transactions

Filters