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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. 

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

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