The Unified Credit for 2015 Gifts Is Equivalent to an Exemption

question 88

Multiple Choice

The unified credit for 2015 gifts is equivalent to an exemption amount of:

• A)$1,000,000
• B)$3,500,000
• C)$5,340,000
• D)$5,430,000

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Definitions:

Cohabiting Parents

Parents who live together without being married.

Life Outcomes

Pertains to the various results or consequences in an individual's life that are determined by a combination of factors including personal decisions, social circumstances, and environmental conditions.

Divorced

The formal termination of a matrimonial union by a judicial body or an authoritative institution.

Relative

A person connected to another by blood or marriage, or an entity regarded in relation to its connections with others within a system.