Identify Which of the Following Statements Is True

question 3

Multiple Choice

Identify which of the following statements is true.

• A)If the annual exclusion for gifts is not used in the current year, the unused portion can be carried forward to subsequent years.
• B)Individuals may not give more than $14,000 per person in gifts each year before being taxed on the transfer.
• C)For transfer tax purposes, both the charitable contribution deduction and the marital deduction are unlimited.
• D)All of the above are false.

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Definitions:

Corporate Officials

Individuals who hold positions of authority and responsibility in a corporation, managing its operations and making strategic decisions.

Criminally Liable

Responsibility of an individual for committing acts that are offenses under criminal law.

Obscene Expression

Language or material that is offensive, indecent, and violates contemporary community standards, often subject to legal regulation.

First Amendment

An amendment to the United States Constitution that guarantees freedoms concerning religion, expression, assembly, and the right to petition.