Mr Lee Made the Following Transfers This Year

question 50

Multiple Choice

Mr. Lee made the following transfers this year. Which of the transfers are treated as gifts for federal tax purposes?

• A) Political contribution to the Democratic party
• B) Charitable contribution to the United Way
• C) Payment to a hospital for the medical expenses of his 39-year old son
• D) None of the above are treated as gifts.

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Definitions:

Proximal Convoluted Tubule

A part of the nephron in the kidney where the filtration of blood takes place, responsible for the reabsorption of water, ions, and nutrients.

Secretion

The process by which substances are produced and discharged from a cell or gland.

Atrial Natriuretic Peptide

A hormone secreted by the heart's atria that regulates blood pressure by decreasing sodium ion concentration and therefore reducing blood volume.

Osmoconformer

An animal in which the salt concentration of body fluids varies along with changes in the surrounding sea water so that it stays in osmotic equilibrium with its surroundings.