Which of the Following Is a Correct Statement Regarding the Filing

question 26

Multiple Choice

Which of the following is a correct statement regarding the filing of a gift tax return (Form 709) ?

• A) A donor must file a Form 709 in the same year in which the gift was made.
• B) The due date of a Form 709 is the same as the due date of the donor's Form 1040.
• C) A Form 709 may have to be filed even though the value of the gift was less than the amount of the annual exclusion.
• D) Melody gives her husband a new Mercedes convertible for his birthday. Melody must file a Form 709 to report the gift even though no gift tax results.

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Definitions:

Psychographics

Refers to the study and classification of people according to their attitudes, aspirations, and other psychological criteria, especially in market research.

Demographics

Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.

Cultural Beliefs

Cultural beliefs are shared ideas and values that are socially inherited and influence the behavior and practices of a group of people.

Demographics

Statistical characteristics of human populations, such as age, gender, income, and education, used for identifying market segments.