The Annual Exclusion, Currently $13,000, Is Available for Gift but Not

question 11

True/False

The annual exclusion, currently $13,000, is available for gift but not estate tax purposes.

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Definitions:

Public Officials

Individuals holding positions of authority in governmental organizations, responsible for implementing public policy, making decisions, or overseeing public resources.

Bicameral Legislature

A legislative body made up of two branches or chambers, like the House of Representatives and the Senate in the U.S. Congress.

House of Representatives

The lower chamber of the United States Congress, consisting of representatives elected from each state based on its population, responsible for making and passing federal laws.

Senate

One of the two houses of the legislature in many countries, including the United States, where it acts as the upper chamber in Congress, involved in lawmaking and government decision-making.