Which of the following is not true concerning gift taxes? Gift taxes are not abolished but a lifetime exclusion of $5.45 million is available in 2016. The American Taxpayer Relief Act of 2012 will eventually eliminate the federal gift tax. Historically, gift taxes and estate taxes have been linked through a unified transfer credit. Gift taxes are different from generation-skipping taxes.
Which of the following is not true concerning gift taxes? Gift taxes are not abolished but a lifetime exclusion of $5.45 million is available in 2016. The American Taxpayer Relief Act of 2012 will eventually eliminate the federal gift tax. Historically, gift taxes and estate taxes have been linked through a unified transfer credit. Gift taxes are different from generation-skipping taxes.
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 1MCQ
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Which of the following is not true concerning gift taxes?
- Gift taxes are not abolished but a lifetime exclusion of $5.45 million is available in 2016.
- The American Taxpayer Relief Act of 2012 will eventually eliminate the federal gift tax.
- Historically, gift taxes and estate taxes have been linked through a unified transfer credit.
- Gift taxes are different from generation-skipping taxes.
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