A Gift- Splitting Election

question 54

Multiple Choice

A gift- splitting election

• A) is binding on future years.
• B) results in a $7,500 per donee annual exclusion for each spouse.
• C) may reduce the amount of the taxable gifts of the donor- decedent.
• D) requires each spouse to give property.

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Definitions:

Established Position

A status or rank within a group or society that is recognized and often secured based on factors such as experience, achievements, or seniority.

Role Set

All roles occupied by a person at a given time.

Gender

Socially learned expectations and behaviors associated with members of each sex.

Ascribed Status

A social position a person is assigned at birth or assumes involuntarily later in life, often based on factors like race, gender, and family heritage.