The Annual Exclusion, Currently $14,000, Is Available for Gift and Estate

question 144

True/False

The annual exclusion, currently $14,000, is available for gift and estate tax purposes.

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Definitions:

Mental Age

A measure of an individual's mental attainment based on the age at which it is normal for an individual to reach that level of mental capacity.

Developmental Level

A measure of an individual's growth or advancement in physical, cognitive, social, or emotional areas relative to age or stage expectations.

Intelligence Quotient

A measure of a person's intellectual abilities relative to others, based on standardized tests.

Mental Age

A measure of an individual's cognitive ability expressed in terms of the age at which an average individual reaches the same ability.