| T |
F |
1. |
Partnerships, corporations, and
foundations cannot be the recipients of gifts.
|
| T | F |
2. |
The gross-up rule means that all
gift tax payable on taxable gifts made within 3 years of death is included
in calculating the value of the gross estate.
|
| T |
F |
3. |
Gift taxes are not actually paid
until the transferor makes taxable gifts in excess of the unified credit.
|
| T |
F |
4. |
In order to take advantage of
gift splitting, the spouse consenting to gift splitting is required to
contribute at least a de minimis portion of the gifted property.
|
| T |
F |
5. |
If a trustee is required by the
trust terms to accumulate income for a period of time, the income interest
is a future interest and no annual exclusion is allowed.
|
| T |
F |
6. |
Income must be distributed to
or for the use of the minor beneficiary at least annually with a Sec.
2503(b) trust.
|
| T |
F |
7. |
A donor of property is not permitted
to be the custodian of the minor’s property under the Uniform Gifts (Transfers)
to Minors Act.
|
| T |
F |
8. |
To qualify for QTIP treatment,
all the income from the property must be paid annually or more frequently
to the donee-spouse.
|
| T |
F |
9. |
There is no limit on the amount
that can be transferred gift tax free to a qualified charity.
|
| T |
F |
10. |
Gift tax returns have to be filed
only if there is gift tax due.
|
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