A Gift Tax Return Does Not Need to Be Filed

question 90

True/False

A gift tax return does not need to be filed unless the taxpayer has made current gifts in excess of the applicable credit.

---

Definitions:

Raw Materials

The basic, unprocessed resources that are used in the production of goods and services, ranging from metals and oil to grains and lumber.

Tying Arrangements

A business practice where the sale of one product is linked to the purchase of another product, which the buyer may not necessarily want.

Corporate Vertical

A term not recognized as a standard business or economic concept. NO.

Exclusive Dealing

A contractual agreement where a seller agrees to sell, and a buyer agrees to buy, products exclusively from each other.