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American College Exam HS330 Topic 2 Question 99 Discussion

Actual exam question for American College's HS330 exam
Question #: 99
Topic #: 2
[All HS330 Questions]

Ignoring the annual per-donee exclusion, which of the following transfers is a gift for federal gift tax purposes?

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Suggested Answer: C

by Tamra at Sep 19, 2024, 06:04 AM

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Lawana
1 months ago
Grandma's got deep pockets! I wonder if she's taking any more grandkids for Ivy League scholarships.
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Irene
1 months ago
Hey, if I start giving out free condos and tuition, can I write that off as a gift? Asking for a rich friend.
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Felicitas
2 months ago
Wait, so if I cancel my friend's debt, I have to pay taxes on that? That's just adding insult to injury!
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Gertude
2 days ago
C) A grandmother pays her grandson's $30,000 tuition at an Ivy League university.
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Eura
6 days ago
B) A father promises to buy his daughter a condominium when she finishes college.
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Hyman
20 days ago
A) An individual gratuitously performs valuable services for the benefit of a close friend.
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Joni
2 months ago
D is the correct answer. Canceling a promissory note is a transfer of property, so it's a gift for tax purposes.
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Francine
19 days ago
D) A creditor cancels the promissory note of a recently unemployed friend as a charitable gesture.
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Terina
24 days ago
C) A grandmother pays her grandson's $30,000 tuition at an Ivy League university.
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Arthur
25 days ago
B) A father promises to buy his daughter a condominium when she finishes college.
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Pete
1 months ago
A) An individual gratuitously performs valuable services for the benefit of a close friend.
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Aimee
2 months ago
Hmm, I'm not sure about that. Wouldn't the father's promise to buy the daughter a condominium also be considered a gift?
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Audry
20 days ago
B) I think the father's promise might not be considered a gift for federal gift tax purposes.
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Ma
25 days ago
C) A) An individual gratuitously performs valuable services for the benefit of a close friend.
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Nobuko
26 days ago
B) A father promises to buy his daughter a condominium when she finishes college.
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Tess
2 months ago
A) An individual gratuitously performs valuable services for the benefit of a close friend.
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Dino
2 months ago
B) A father promises to buy his daughter a condominium when she finishes college.
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Larae
2 months ago
A) An individual gratuitously performs valuable services for the benefit of a close friend.
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Larae
2 months ago
I think the answer is C. A grandmother paying her grandson's tuition is a clear-cut gift for federal gift tax purposes.
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Rikki
2 months ago
I'm not sure about option A, performing services might not be considered a gift for federal gift tax purposes.
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Georgene
3 months ago
I agree with Casey, option C seems like a gift because it involves transferring money for the benefit of someone else.
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Casey
3 months ago
I think option C is a gift because the grandmother is paying for her grandson's tuition.
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