Which of the Following Is a True Statement About the Federal

question 73

Multiple Choice

Which of the following is a true statement about the Federal gift tax return (Form 709) ?

• A) Form 709 is due by the 15^th day of the ninth month following the date of the gift.
• B) Form 709 must be filed if a taxpayer wishes to elect gift splitting.
• C) Form 709 need not be filed unless a taxpayer's taxable gifts exceed the exemption equivalent.
• D) Form 709 is due nine months after the death of the decedent.
• E) None of the choices are true.

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Definitions:

Copyright

A legal right granted by the government to an author, artist, or composer to publish, produce, and sell their original work for a certain period of time.

Trademark

A legal designation of exclusive use of a name, logo, or symbol to identify a product or company.

Franchise

A contractual right to sell certain products or services, use certain trademarks, or perform activities in a geographical region

Residual Value

The estimated value of an asset at the end of its useful life, often used in computing depreciation or lease payments.