The Annual Exclusion Eliminates Relatively Small Transfers of Present Interests

question 67

True/False

The annual exclusion eliminates relatively small transfers of present interests in property.

---

Definitions:

Owner Drawings

Owner Drawings are withdrawals of business assets by the owner(s) for personal use, affecting the owner's equity account but not considered business expenses.

Revenues

The total amount of money received or expected to be received from the sale of goods or services, as well as other financial sources.

Net Income

The company's ultimate income after expenses and taxes have been taken away from total earnings.

Electronic Repair Revenues

Income generated from the business of fixing and restoring electronic devices and components to working condition.