Which of the Following Statements Is True Regarding the Filing

question 89

Multiple Choice

Which of the following statements is true regarding the filing of a gift tax return?

• A)Spouses using the gift-splitting provision do not have to file a return unless the gifts exceed $28,000.
• B)A gift tax return must be filed when a gift to a church exceeds the annual exclusion.
• C)A gift tax return is due within five months of making the gift.
• D)No gift tax return is required to be filed for gifts between spouses.

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Definitions:

Liabilities

Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.

Distorting Tax

A tax that alters the economic behavior of individuals and businesses from what they would have chosen in the absence of the tax.

Economic Welfare

The overall well-being of individuals and societies, often assessed by factors such as wealth, health, and happiness.

Benefits-Received Principle

The concept that those who benefit from public goods and services should bear the costs of providing them, in proportion to the benefit received.