Which of the Following Statements Regarding Unmarried Couples Is Incorrect

question 12

Multiple Choice

Which of the following statements regarding unmarried couples is incorrect?

• A) Transferring assets to the partner may result in a gift tax consequence
• B) The unlimited marital deduction is not available for estate tax purposes
• C) The couple can file jointly for state income tax filing, but not for federal
• D) $14,000 2016 can be given to the other person without consequence

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Definitions:

Financial Intermediary

An institution that acts as a middleman between investors and borrowers, facilitating the flow of funds in the financial market.

Real Estate Brokerage

A service involved in arranging the buying, selling or renting out of properties, utilizing agents or brokers to facilitate transactions between buyers and sellers.

Mortgages

Loans specifically used for purchasing real estate, where the property itself serves as collateral to secure the loan.

Liabilities and Net Worth

The total of all debts and obligations owed by an entity minus its total assets, portraying the entity's financial health and capital.