Which of the Following Statements Is True Regarding the Filing

question 18

Multiple Choice

Which of the following statements is true regarding the filing of a gift tax return?

• A)Spouses using the gift-splitting provision do not have to file a return unless the gifts exceed $30,000.
• B)A gift tax return must be filed when a gift to a church exceeds the annual exclusion.
• C)A gift tax return is due within five months of making the gift.
• D)No gift tax return is required to be filed for gifts between spouses.

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Definitions:

Inflation

A sustained increase in the general price level of goods and services in an economy over a period of time, leading to a decrease in the currency’s purchasing power.

Phillips Curve

A macroeconomic model describing an inverse relationship between rates of unemployment and corresponding rates of inflation, suggesting that inflation and unemployment have a stable and inverse relationship.

Federal Reserve

The central bank of the United States, responsible for regulating the US monetary and financial system.

Money Supply

The comprehensive pool of financial assets in an economy at any given time, which includes coins, cash, and the amounts in both checking and savings accounts.