Identify Which of the Following Statements Is True

question 43

Multiple Choice

Identify which of the following statements is true.

• A) Prospective donors should not dispose of property that has declined in value by selling it rather than gifting it.
• B) If the gifted property's FMV on the date of the gift exceeds its adjusted basis and the donor pays no gift tax, the donee's basis is the same as the donor's basis if the property is sold for a loss.
• C) A $15,000 annual exclusion per donee is available for both gift tax and estate tax purposes.
• D) All of the above are false.

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Definitions:

ADP Phosphorylation

The process of adding a phosphate group to adenosine diphosphate (ADP) to form adenosine triphosphate (ATP), a key step in cellular energy transfer.

Photolysis

The photochemical splitting of water in the light-dependent reactions of photosynthesis; a specific enzyme is needed to catalyze this reaction.

Noncyclic Electron Transport

A pathway of photosynthesis where electrons flow linearly from water to NADP+, producing NADPH, oxygen, and ATP.

Oxygen Source

A substance or process that releases oxygen as a result of a chemical reaction or biological process.