Identify Which of the Following Statements Is True

question 102

Multiple Choice

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.

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Definitions:

4G

The fourth generation of broadband cellular network technology, succeeding 3G and offering higher speeds.

3G

The third generation of mobile telecommunications technology, enabling faster data transmission rates for mobile phones and data terminals.

Wi-Fi Hotspot

A place where individuals can connect to the Internet, often through Wi-Fi, by using a wireless local area network (WLAN) which is linked to an Internet service provider via a router.

Portable Wireless Device

A handheld electronic device that allows for wireless connectivity to the internet or other network systems.