Which,if Any,of the Following Statements Is Incorrect

question 165

Multiple Choice

Which,if any,of the following statements is incorrect?

• A)The annual exclusion applies only to the gift tax.
• B)A marital deduction is allowed for both gift and estate tax purposes.
• C)Originally, the gift tax rates were lower than the estate tax rates.
• D)A charitable deduction is allowed for both gift and estate tax purposes.
• E)For 2008, the unified transfer tax credit (exclusion amount) is the same for both gift and estate tax purposes.

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Definitions:

Small Intestine

A part of the gastrointestinal tract between the stomach and the large intestine that absorbs nutrients and minerals from food.

Proteins

Large, complex molecules that play many critical roles in the body, including as enzymes, hormones, and antibodies.

Cecum

A pouch connected to the junction of the small and large intestines, playing a role in the digestive system.

Lymphoid Tissue

Part of the immune system made up of a network of lymphocytes (white blood cells) that protect the body from infections and diseases.