Which of the Following Statements Is Not True

question 32

Multiple Choice

Which of the following statements is not true?

• A)​Medical payments made on someone else's behalf are considered taxable gifts.
• B)​Gifts between spouses are not subject to gift tax.
• C)Making gifts throughout one's lifetime may reduce estate taxes.​
• D)The annual maximum allowable exclusion for gifts is adjusted for inflation.​

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Definitions:

Managerial Accounting

The field of accounting that focuses on providing information to managers for use in planning, controlling, and making decisions.

Service Entities

Organizations that primarily provide intangible products or services to customers or other businesses.

Manufacturing Entities

Businesses involved in the production of physical goods from raw materials through a systematic process of transformation.

Function Of Controlling

The managerial process of monitoring organizational performance against goals and objectives and making adjustments as needed.