Identify Which of the Following Statements Is True

Identify which of the following statements is true.

A) A purpose of the annual exclusion is to eliminate the necessity of accounting for and reporting small gifts such as those made for weddings and Christmas.
B) The gift tax exclusion is available only for a gift of a present interest.
C) A present interest is an unrestricted right to the immediate use, possession, or enjoyment of property or the income from property.
D) All of the above are true.

Correct Answer:

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