STUDY QUIZZES (2026/2027)
UPDATE|EXAM
QUESTIONS WITH MULTIPLE
CHOICES |VERIFIED & REVISED
ANSWERS (NEW)!!!
1.mInm2023,mthemannualmgiftmtaxmexclusionmis:
A.m$17,000mpermdonemformgiftsmofmpresentminterest.
B.m$34,000mpermdonemformgiftsmofmpresentminterest.
C.m$15,000mpermdonemformallmgifts,mpresentmormfutureminterest.
D.m$5,000morm5%mofmthemcorpus,mwhichevermismgreater.m-
mCORRECTmANSWERmA.m$17,000mpermdonemformgiftsmofmpresentminterest.
2.mInm2019,mhavingmmademnompriormgifts,mDonmbeganmmakingmannualmgiftsmtomhismsonmofm$250,00
0.mWhatmismthemfirstmtaxmyearmformwhichmhemwillmhavemtomfilemamgiftmtaxmreturn?
A.m2019
B.m2020
C.m2021
D.m2022m-mCORRECTmANSWERmA.m2019
3.mWhichmofmthemfollowingmismTRUEmofmlifetimemtaxablemgifts?
A.mThemunifiedmcreditmmaymnotmbemusedminmwholemorminmpart.
, B.mTaxesmduemasmamresultmofmthemgiftmaremthemresponsibilitymofmthemdonee.
C.m$30,000mannualmpresentminterestmexclusionmpermdonemismavailable.
D.mThemunifiedmcreditmmaymbemusedmtomthemextentmavailablemtomeliminatemormreducemthemtaxmdue.
m-
mCORRECTmANSWERmD.mThemunifiedmcreditmmaymbemusedmtomthemextentmavailablemtomeliminatemor
mreducemthemtaxmdue.
4.mGiftsmtomwhichmofmthemfollowingmtrustsmwillmNOTmqualifymasmamgiftmofmpresentminterestmformthem
annualmexclusion?
A.mIrrevocablemtrustsmwithmCrummymprovisions
B.m2503(c)mtrustsmformminors
C.mSimplemtrusts
D.mComplexmtrustsm-mCORRECTmANSWERmD.mComplexmtrusts
5.mSincemthemGiftmandmEstatemTaxmratesmaremunifiedmwhichmofmthemfollowingmbestmdescribesmthemre
lativemadvantagesmofmgiftmversusmestatemtaxes?
A.mTheremaremnomtaxmadvantagesmtommakingmlifetimemgifts.
B.mTheremaremtaxmadvantagesmtommakingmlifetimemgifts.
C.mTheremaremtaxmadvantagesmtommakingmlifetimemgiftsmonlymwithinmthreemyearsmofmdeathmofmthem
donor.
D.mTheremaremtaxmadvantagesmtommakingmlifetimemgiftsmonlymwhenmmademmoremthanmthreemyearsm
beforemdeathmofmthemdonor.m-
mCORRECTmANSWERmB.mTheremaremtaxmadvantagesmtommakingmlifetimemgifts.
6.mTomqualifymformthemannualmgiftmtaxmexclusion,mthemgiftmcanmNOTmbemmademinmwhichmofmthemfollo
wingmforms?