Which of the following statements are true for both gratuitous and testamentary transfers? A). A unified...

Which of the following statements are true for both gratuitous and testamentary transfers?

A). A unified credit of up to $1 million reduces the tax on any transfer?

B). An annual exclusion offsets any transfer up to $13,000.

C). An election can be made to spilt a transfer between spouses.

D). A charitable and marital deduction is allowed in computing the taxable transfers.

Solutions

Expert Solution

A. A unified credit of up to $1 million reduces the tax on any transfer

The unified gift of $11000 is exemp from the tax so unified credit of up to $1 million will be taxable.so option a is not correct answer.

B. An annual exclusion offsets any transfer up to $13,000

the annual exclusion will be added to the other persons income fully so option B is also not correct.

C. An election can be made to spilt a transfer between spouses

spouses can make an election to gift split so that each gift during a tax year is treated as made one-half by each spouse. ... The end result is the same, but no gift tax return would be required. so option C is not correct

D . A charitable and marital deduction is allowed in computing the taxable transfers

With the unlimited marital deduction, the amount of property that can be transferred between spouses is unlimited.

Charitable deduction is also allowed as deduction

so option D is the Correct Answer

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Which one of the following statements are TRUE or FALSE: 1.1. The bond strength of both...

Which one of the following statements are TRUE or FALSE: 1.1. The bond strength of both reactants and products affect the reaction rate [ 1] 1.2. In most cases where reactions occur in a solution, the more the concentration of reactants decreases, the more the reaction rate increases. [1 ] 1.3. In general, in irreversible gas phase reactions, the total pressure of the mixture affects the reaction rate more than the partial pressures of the reactants. [1 ] 1.4. If...

Which of the following statements are true?

Which of the following statements are true? 1. Fats that contain more saturated fatty acid residues than unsaturated fatty acid residues are more likely to be solid at room temperature. 2. Triacylglycerols (triglycerides) contain ester bonds. 3. Saturated fats have lower melting points than do unsaturated fats. 4. Triacylglycerols (triglycerides) always contain three identical fatty acids. 5. Unsaturated fats are more likely than saturated fats to be liquid at room temperature.

Which of the following statements is true?

Which of the following statements is true?When a company goes bankrupt, common stockholders are the first to get paid.A preferred stock promises investors a fixed stream of dividend payments.Holders of preferred stocks have residual claim on the company’s assets and cash flows.Investing in a bond of a company is riskier than investing in a stock of the same company.

Which of the following statements is true?

Which of the following statements is true?The ask price a dealer quotes on a security is the price for which he is willing to sell the security.We can buy IBM shares from a stock broker.Any investor can buy securities from a private offering.A broker holds an inventory of securities

Which of the following statements is true?

Which of the following statements is true? a. Increasing the use of trade credit offered by a supplier is a use of cash. b. Cash is decreased when new debt is issued to purchase holiday merchandise. c. Collecting an accounts receivable is a use of cash. d. Accepting the credit offered by a supplier is a source of cash.

Which of the following statements is true?

Question 34 (1 point) Which of the following statements is true? a Because prices of food (like oranges) and energy products (like gasoline) are subject to wide swings that can be temporary in nature (these prices are very volatile), the Bureau of Labor Statistics (BLS) also reports the core CPI, which is the CPI less food and energy. b Real income is the number of dollars received as wages, rent, interest, or profit. Nominal income is not adjusted for inflation....

Which of the following statements is true?

Question 1 (0.5 point) Which of the following statements is true? • Catabolism is the breakdown of large molecules into smaller ones. Energy is generally absorbed during catabolism. • Anabolism is the breakdown of large molecules into smaller ones. Energy is generally absorbed during anabolism. • Catabolism is the breakdown of large molecules into smaller ones.Energy is generally released during catabolism. • Anabolism is the breakdown of large molecules into smaller ones.Energy is generally released during anabolism. Question 2 (0.5...

Which of the following statements is true?

Question 8 Which of the following statements is true? SNPs do not account for any of the genetic variation in the human genome SNPs are nucleotide polymorphisms that differ in a population CNVs are not an important source in the variation of the human genome All of the above statements are true Question 9 Why are genetic changes that lead to a selective disadvantage usually lost? Changes detrimental to survival can lead to fewer offspring and will not be passed on Genetic repair mechanisms will erase the mistake Organisms can...

Which of the following statements is not true?

Which of the following statements is not true?A highly spontaneous process need not occur rapidly.The reverse of a spontaneous reaction is always nonspontaneous.A spontaneous process always moves toward equilibrium.A nonspontaneous process cannot be caused to occur.

which of the following statements will be true

For a given store, demand in Week 5 is 375, and on-hand inventory at the end of Week 4 is 450. If the manufacturing lead time for this particular item is two weeks, which of the following statements will be true?a. The order release for Week 2 will be 450b. The order release for Week 3 will be 0c. The order release for Week 3 will be 375d. The order release for Week 4 will be 0

Subjects