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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:

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Suggested Answer: A

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

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Stanford
3 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!
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Staci
1 months ago
C) Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?
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Wenona
2 months ago
B) Was the value of the gift property in excess of the annual per-donee exclusion?
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Milly
2 months ago
A) Was the transferred property real property or personal property?
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Deonna
3 months ago
Haha, the IRS is like a bloodhound when it comes to sniffing out taxable gifts. D is the right answer for sure.
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Cristal
2 months ago
That's the key factor they look at to determine if a gift is taxable.
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Kristel
2 months ago
D) Was the property transferred for less than an adequate and full consideration in money or money's worth?
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Allene
2 months ago
Definitely, they are thorough in their investigations.
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Dana
2 months ago
Yeah, the IRS doesn't mess around with taxable gifts.
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Mariann
3 months ago
Definitely C. Giving up control of the property is the most important part of making a taxable gift.
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Dominque
3 months ago
B is the correct answer. The annual exclusion is a key factor in deciding if a gift is taxable.
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Patrick
2 months ago
C) Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?
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Alida
2 months ago
B) Was the value of the gift property in excess of the annual per-donee exclusion?
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Judy
2 months ago
A) Was the transferred property real property or personal property?
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Miles
3 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.
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Laurel
3 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.
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Miles
3 months ago
I think the answer is A) Was the transferred property real property or personal property?
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Jolene
3 months ago
I think the answer is A. The IRS doesn't really care about the type of property when determining a taxable gift.
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Georgene
3 months ago
C) Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?
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Halina
3 months ago
A) Was the transferred property real property or personal property?
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