Identify Which of the Following Statements Is True

question 62

Multiple Choice

Identify which of the following statements is true.

• A)If the gifted property's FMV on the date of the gift exceeds its adjusted basis and the donor pays no gift tax,the donee's basis is the same as the donor's basis if the property is sold for a loss.
• B)Prospective donors should not dispose of property that has declined in value by selling it rather than gifting it.
• C)A $13,000 annual exclusion per donee is available for both gift tax and estate tax purposes.
• D)All of the above are false.

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Definitions:

Peaceful Societies

Communities or cultures that are characterized by low levels of violence and a high degree of social harmony and cooperation.

Cooperative Societies

Organizations owned and run jointly by its members, who share the benefits or profits equally or according to their contribution.

Stereotypes

Oversimplified generalizations about groups of people that may or may not reflect reality.

Morning Person

An individual who feels more awake, alert, and productive during the morning hours compared to other times of the day.