Which of the Following Statements Is True

question 84

Multiple Choice

Which of the following statements is true?

• A)If the donor does not pay the gift tax, the donee is personally liable for the tax.
• B)When a married couple elects gift splitting, each spouse is potentially liable for 50% of the gift tax.
• C)Gift tax returns are due March 15 in the year following the gift.
• D)Donors can request an automatic extension of time to pay their gift tax even when they don't request to have an income tax extension.

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Definitions:

William Jennings Bryan

A prominent American orator and politician from the late 19th and early 20th centuries, known for his advocacy for Populism and free silver, and for being a three-time Democratic presidential candidate.

Women's Suffrage

The movement to grant women the right to vote, a significant chapter in the global fight for gender equality.

Civil War

A conflict between citizens of the same country, often related to differences in political, social, or economic ideologies.

1896 Presidential Campaign

The United States presidential election of 1896, where Republican William McKinley defeated Democrat William Jennings Bryan, influenced by economic issues.