The Use of the Election to Split Gifts Under §

question 104

True/False

The use of the election to split gifts under § 2513 is not necessary for spouses who live in community property states.

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Definitions:

Minimum Wage Laws

Laws set by legislation that determine the lowest hourly rate that workers can be paid.

Lower Skills

Lower Skills refer to a relatively low level of expertise or competency in performing tasks, usually requiring less education or training.

Compensating Differentials

Wage differentials that arise to compensate workers for the desirability or undesirable aspects of their jobs, such as risk or location.

Property Income

Income received by individuals or entities through ownership of property. This could include rental income, dividends from investments, or interest on savings.