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