Gifts Between Spouses Are Generally Exempt from Transfer Taxes

question 16

True/False

Gifts between spouses are generally exempt from transfer taxes.

---

Definitions:

Funding

The act of providing financial resources, typically in the form of money, or other values such as effort or time, to support a program, project, business, or individual.

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world with limited resources, which leads to the necessity of making choices on how to allocate resources.

Resources

Assets or inputs used in the production of goods and services, such as time, labor, and capital.

Economy

An extensive network of activities related to producing, consuming, and exchanging that assists in allocating limited resources.