Gift Tax Returns Are Filed on a Calendar-Year Basis

question 67

True/False

Gift tax returns are filed on a calendar-year basis.

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Definitions:

Special Trust

A fiduciary relationship or arrangement in which one party holds property or assets for the benefit of another party, marked by a particular purpose or objective.

Intended Beneficiary

A person or entity that is specifically designated to benefit from a contract, trust, or estate, even though they are not a direct party to the agreement.

Lenders Bank

A financial institution that provides loans to individuals or entities and expects to be repaid with interest.

Food Truck

A mobile vehicle equipped to cook, prepare, and sell food at different locations.