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Accounting
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13 Dec 2019

when no tax is due on a split gift, a gift tax return:
A) must be filed to indicate the split gift
B) is not required to be filed
C) must be filed only if the split gift is to a charity
D) must be filed only if the split gift is to three or more donees

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Beverley Smith
Beverley SmithLv2
17 Dec 2019
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Related questions

Concerning the Federal tax on generation-skipping transfers:

a.

The tax applies in addition to any applicable gift or estate tax.

b.

The tax applies in lieu of any applicable gift or estate tax.

c.

The tax is applied at a flat 33 percent tax rate.

d.

The annual gift tax exclusion cannot be used to reduce the tax.

In 2015, Gray Corporation, a calendar year C corporation, has a$75,000 charitable contribution carryover from a gift made in 2010.Gray is contemplating a gift of land to a qualified charity ineither 2015 or 2016. Gray purchased the land as an investment fiveyears ago for $100,000 (current fair market value is $250,000).Before considering any charitable deduction, Gray projects taxableincome of $1,000,000 for 2015 and $1,200,000 for 2016.

Should Gray make the gift of the land to charity in 2015 or in2016?

Note: If an amount is zero, enter "0".

a. If Gray makes the gift of the land tocharity in 2015:
The amount of the deduction would be $ _________and the corporationis able to use $ __________of the $75,000 carryover. The excess of$ _____________would carryover to 2016.

b. If Gray makes the gift of the land tocharity in 2016:
In 2015, the corporation is able to use $ ______________ of the$75,000 carryover. In 2016, the amount of the deduction would be $_____________ and the excess of $ ________________would carryoverto 2017.

c. Therefore, Gray should make the gift of theland to charity in year ________.

Which , if any, of the following statements is (are)correct?

1.) The value of a gift for gift tax purposes is equal to thefair market value of the gifted property on the date of the gift ordate of death

2.) The value of a publicly traded security for estates and gifttaxes purposes is equal to the average of the high and low tradingprice on the date of the gift or date of death

a.) 1 only

b.) 2 only

c.) Both 1 and 2

d.) Neither 1 nor 2

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