Which of the following are characteristics of the gift-splitting technique? A)If the spouses divorce, they can continue to split gifts to the end of the calendar year. B)It results in a reduction of gift tax liability for a gift from a donor spouse to a donee spouse. C)A gift tax return does not need to be filed for a split gift if nothing remains taxable after the split. D)A gift from a donor spouse is treated as if one-half is from the donor spouse and one-half is from the other spouse.
Which of the following are characteristics of the gift-splitting technique? A)If the spouses divorce, they can continue to split gifts to the end of the calendar year. B)It results in a reduction of gift tax liability for a gift from a donor spouse to a donee spouse. C)A gift tax return does not need to be filed for a split gift if nothing remains taxable after the split. D)A gift from a donor spouse is treated as if one-half is from the donor spouse and one-half is from the other spouse.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following are characteristics of the gift-splitting technique?
A)If the spouses divorce, they can continue to split gifts to the end of the calendar year.
B)It results in a reduction of gift tax liability for a gift from a donor spouse to a donee spouse.
C)A gift tax return does not need to be filed for a split gift if nothing remains taxable after the split.
D)A gift from a donor spouse is treated as if one-half is from the donor spouse and one-half is from the other spouse.
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