In which of the following circumstances would a gift tax return be due? A. Check for $26,000 to son. B. Transfer of stoc...
In which of the following circumstances would a gift tax return be due?
A. Check for $26,000 to son.
B. Transfer of stock valued at $30,000 to spouse.
C. Payment of a friend’s $16,000 tuition expense.
D. None of the answers are correct.
Homework Answers
The correct answer is A.
Individuals who receive a gift exceeding $15,000 during a year have to file a gift tax return.
However, no tax liability will arise in the following cases:
1. Gifts to Political Organisations or Charities
2. Gifts to spouse
3. Payment of tuition fee or medical expenses of some person directly
Thus, in the given case, Gift tax return is required to be filed only for case (A)
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