Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

American College Exam HS330 Topic 3 Question 97 Discussion

Actual exam question for American College's HS330 exam
Question #: 97
Topic #: 3
[All HS330 Questions]

To determine whether a taxable gift has been made, the IRS focuses on all the following factors EXCEPT:

Show Suggested Answer Hide Answer
Suggested Answer: A

by Adria at Sep 15, 2024, 09:45 PM

Limited Time Offer

25%

Off

Get Premium HS330 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel
Stanford
5 months ago
I bet the IRS wishes they could just say 'all of the above' and be done with it. This is a tricky question!
upvoted 0 times
Staci
4 months ago
C) Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?
upvoted 0 times
...
Wenona
4 months ago
B) Was the value of the gift property in excess of the annual per-donee exclusion?
upvoted 0 times
...
Milly
4 months ago
A) Was the transferred property real property or personal property?
upvoted 0 times
...
...
Deonna
5 months ago
Haha, the IRS is like a bloodhound when it comes to sniffing out taxable gifts. D is the right answer for sure.
upvoted 0 times
Cristal
4 months ago
That's the key factor they look at to determine if a gift is taxable.
upvoted 0 times
...
Kristel
4 months ago
D) Was the property transferred for less than an adequate and full consideration in money or money's worth?
upvoted 0 times
...
Allene
4 months ago
Definitely, they are thorough in their investigations.
upvoted 0 times
...
Dana
4 months ago
Yeah, the IRS doesn't mess around with taxable gifts.
upvoted 0 times
...
...
Mariann
5 months ago
Definitely C. Giving up control of the property is the most important part of making a taxable gift.
upvoted 0 times
...
Dominque
5 months ago
B is the correct answer. The annual exclusion is a key factor in deciding if a gift is taxable.
upvoted 0 times
Patrick
4 months ago
C) Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?
upvoted 0 times
...
Alida
4 months ago
B) Was the value of the gift property in excess of the annual per-donee exclusion?
upvoted 0 times
...
Judy
4 months ago
A) Was the transferred property real property or personal property?
upvoted 0 times
...
...
Miles
5 months ago
Hmm, I see your point. But I still think the correct answer is D) Was the property transferred for less than an adequate and full consideration in money or money's worth.
upvoted 0 times
...
Laurel
5 months ago
I disagree, I believe the answer is C) Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property.
upvoted 0 times
...
Miles
5 months ago
I think the answer is A) Was the transferred property real property or personal property?
upvoted 0 times
...
Jolene
5 months ago
I think the answer is A. The IRS doesn't really care about the type of property when determining a taxable gift.
upvoted 0 times
Georgene
5 months ago
C) Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?
upvoted 0 times
...
Halina
5 months ago
A) Was the transferred property real property or personal property?
upvoted 0 times
...
...

Save Cancel