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:

Japan

An island nation in East Asia, known for its rich culture, historical heritage, technological innovation, and distinct culinary arts.

Social Speech

Speech directed toward another person and meant to be understood by that person.

Pragmatics

The aspect of language relating to communicating effectively and appropriately with others.

Syntax

The combining of words and phrases to form sentences.