Chapter 25 Quiz 3 - 1 award 1 out of 1.00 point A transfer...

1.
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A transfer of cash to a bank account held in joint tenancy with the right of survivorship is not a completed gift.
True
False
2.
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A withdrawal of money from a bank account held in joint tenancy with the right of survivorship may constitute a
completed gift.
3.
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1.00 point
When a gift-splitting election is made, gifts made by either spouse during the year will be treated as if each spouse
made one-half of the transfer.
4.
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1 out of
1.00 point
The gift-splitting election only applies to gifts made by taxpayers who reside in community property states.
5.
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A terminable interest in property is any interest that terminates during the current year.
True
False
6.

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1 out of
1.00 point
A gift tax return does not need to be filed unless the taxpayer has made current gifts in excess of the unified credit.