Identify Which of the Following Statements Is True

question 90

Multiple Choice

Identify which of the following statements is true.

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

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Definitions:

Self-efficacy

An individual’s belief in their own ability to successfully accomplish tasks and reach goals.

Spotlight Effect

The idea that one's actions and appearance draw more observation from others than truly happens.

Self-serving Bias

A common cognitive bias that leads individuals to attribute success to personal factors while attributing failures to external factors, protecting self-esteem.

Disparage

To belittle or depreciate someone or something; often reflecting a perceived difference in value or status.