Identify Which of the Following Statements Is False

question 71

Multiple Choice

Identify which of the following statements is false.

• A) Gift tax returns are due annually by April 15 following the year of the gift. No extensions are allowed.
• B) Receipt of an extension of time for filing a gift tax return does not extend the due date for payment of the gift tax.
• C) The donor pays the gift tax generally.
• D) Gift tax returns are filed on a calendar- year basis.

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Definitions:

Commodity Futures Contract

A standardized contract to buy or sell a particular commodity at a predetermined price at a specified time in the future.

Call Option

An agreement granting the buyer the option to purchase an asset at a predetermined price until the option expires, providing potential profit opportunities from price increases.

Financial Assets

Tangible or intangible assets held for economic benefits in the form of investments, cash, stocks, bonds, and real estate.