Chapter_18_The_Federal_Gift_and_Estate_Taxes - Chapter 18 The Federal Gift and Estate Taxes 1 Sometimes also known as transaction taxes Federal gift and

Chapter_18_The_Federal_Gift_and_Estate_Taxes - Chapter 18...

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Chapter 18 - The Federal Gift and Estate Taxes1. Sometimes also known as transaction taxes, Federal gift and estate taxes are excise taxes.a. Trueb. FalseANSWER: TruePOINTS: 1DIFFICULTY: EasyLEARNING OBJECTIVES: SCPE.HRMY.15.LO: 18-01 - LO: 18-01NATIONAL STANDARDS: United States - BUSPORG: AnalyticSTATE STANDARDS: United States - AK - AICPA: FN-Measurement -AICPA: FN-MeasurementKEYWORDS: Bloom's: KnowledgeOTHER: Time: 2 min.2. A lifetime transfer that is supported by full and adequate consideration is not a gift.POINTS: 1DIFFICULTY: EasyLEARNING OBJECTIVES: SCPE.HRMY.15.LO: 18-01 - LO: 18-01SCPE.HRMY.15.LO: 18-04 - LO: 18-04NATIONAL STANDARDS: United States - BUSPORG: AnalyticSTATE STANDARDS: United States - AK - AICPA: FN-ReportingKEYWORDS: Bloom's: KnowledgeOTHER: Time: 2 min.3. One of the reasons the estate tax was enacted was to prevent the avoidance of the gift tax by the making of “deathbed gifts.”POINTS: 1DIFFICULTY: EasyLEARNING OBJECTIVES: SCPE.HRMY.15.LO: 18-01 - LO: 18-01NATIONAL STANDARDS: United States - BUSPORG: AnalyticSTATE STANDARDS: United States - AK - AICPA: FN-ReportingKEYWORDS: Bloom's: KnowledgeOTHER: Time: 2 min.4. At one point, the tax rates applicable to transfers by gift were lower than those applying to transfers by death.
Chapter 18 - The Federal Gift and Estate TaxesPOINTS: 1DIFFICULTY: EasyLEARNING OBJECTIVES: SCPE.HRMY.15.LO: 18-01 - LO: 18-01NATIONAL STANDARDS: United States - BUSPORG: AnalyticSTATE STANDARDS: United States - AK - AICPA: FN-Measurement -AICPA: FN-MeasurementKEYWORDS: Bloom's: KnowledgeOTHER: Time: 2 min.5. Some states impose inheritance taxes, but the Federal tax system does not.a. Trueb. FalseANSWER: TrueRATIONALE: Not all states impose an inheritance tax, but the Federal tax on transfers by death is an estate tax.POINTS: 1DIFFICULTY: EasyLEARNING OBJECTIVES: SCPE.HRMY.15.LO: 18-01 - LO: 18-01NATIONAL STANDARDS: United States - BUSPORG: AnalyticSTATE STANDARDS: United States - AK - AICPA: FN-Measurement -AICPA: FN-MeasurementKEYWORDS: Bloom's: KnowledgeOTHER: Time: 2 min.

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