View the step-by-step solution to:

Which statement is NOT true about gift tax?

Which statement is NOT true about gift tax?


a.The annual exclusion is allowed only for gifts to family members.


b.In addition to the annual exclusion amount, there is a lifetime applicable credit amount that shields over $5,000,000 (over $11,000,000 starting in 2018) of taxable gifts from actually incurring gift tax.


c.Gifts of appreciated property generally have a carry-over basis in the hands of the donee.


d.The 'annual exclusion amount' means that each taxpayer can gift each donee up to $15,000 (starting in 2018) each year without filing a gift tax return or paying gift tax or using up any of the lifetime exclusion. 

Top Answer

Answer is a.The annual... View the full answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online