Which of the following statements relating to qualified transfers for gift tax purposes is not correct? 1. The relationship between the donor and the donee is irrelevant with a qualified transfer. 2. A payment made directly to an individual to reimburse him for medical expenses is a qualified transfer. 3. The exclusion for a qualified transfer is in addition to the annual exclusion. 4. A payment made to a qualified education institution for tuition costs is a qualified transfer.

Which of the following statements relating to qualified transfers for gift tax purposes is not correct? 1. The relationship between the donor and the donee is irrelevant with a qualified transfer. 2. A payment made directly to an individual to reimburse him for medical expenses is a qualified transfer. 3. The exclusion for a qualified transfer is in addition to the annual exclusion. 4. A payment made to a qualified education institution for tuition costs is a qualified transfer.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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