Identify Which of the Following Statements Is True

question 90

Multiple Choice

Identify which of the following statements is true.

• A) Individuals may not give more than $14,000 per person in gifts each year before being taxed on the transfer.
• B) For transfer tax purposes, both the charitable contribution deduction and the marital deduction are unlimited.
• C) If the annual exclusion for gifts is not used in the current year, the unused portion can be carried forward to subsequent years.
• D) All of the above are false.

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Definitions:

Purchasing Power

The real value of money, reflecting how much goods or services one unit of money can buy.

Period

A length or portion of time, often defined for specific calculations or measurements.

Ratio

A quantitative relationship between two numbers showing how many times one value contains or is contained within the other.

Express

To show, manifest, or reveal something through words, gestures, actions, or artistic expression.