Which of the Following Statements Is(are)true for Both Gratuitous and Testamentary

question 5

Multiple Choice

Which of the following statements is(are) true for both gratuitous and testamentary transfers?

• A) An applicable credit of up to $14,000 per donee per year reduces the tax on any transfer.
• B) An annual exclusion offsets any transfer up to $14,000.
• C) An election can be made to split a transfer between spouses.
• D) A charitable and a marital deduction are allowed in computing the taxable transfer.
• E) All of the choices are true.

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Definitions:

Celler-Kefauver Act

A United States antitrust law passed in 1950, aimed at preventing anti-competitive mergers and acquisitions by closing loopholes in the earlier Clayton Antitrust Act.

Clayton Act

A United States antitrust law enacted in 1914, aimed at promoting competition by preventing unfair business practices such as price discrimination and exclusive dealings.

Sherman Act

A landmark federal statute in the field of U.S. antitrust law aimed at prohibiting monopolistic practices and promoting competition.

Clayton Act

A U.S. antitrust law, passed in 1914, aimed at protecting trade and commerce against unlawful restraint and monopolies.