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American College Exam HS330 Topic 3 Question 107 Discussion

Actual exam question for American College's HS330 exam
Question #: 107
Topic #: 3
[All HS330 Questions]

Transactions involving a taxable gift include which of the following?

1. A father bought real estate, paid the entire $180,000 purchase price, and titled it jointly with his son with right of survivorship.

2. A father deposited $50,000 in a bank account titled jointly with his daughter with right of survivorship and died before any funds were withdrawn from the account.

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Suggested Answer: B

by Arlie at Feb 11, 2025, 04:04 AM

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Lashon
2 months ago
Ah, the old 'taxable gift' question. I bet the IRS loves to see these on exams, just to keep us on our toes. I mean, who doesn't love a good ol' fashioned tax surprise?
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Val
18 days ago
Noemi: Yes, that's correct. The IRS considers both situations as taxable gifts.
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Samira
29 days ago
User 3: So, the father and son joint real estate purchase and the father and daughter joint bank account are both taxable gifts?
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Noemi
1 months ago
User 2: I agree, both scenarios involve a taxable gift.
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Candra
2 months ago
User 1: I think the answer is C) Both I and II.
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Jerry
2 months ago
I'm going with C. The father is basically giving away his assets to his kids, and that's considered a taxable gift, even if it's in the form of joint ownership. Easy peasy!
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Stevie
1 months ago
Yep, C is the way to go. Both scenarios involve the father giving away assets to his children, which meets the criteria for a taxable gift.
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Pamella
1 months ago
I think C is the right answer too. Any transfer of assets where the donor doesn't receive fair market value in return is considered a taxable gift.
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Geraldine
2 months ago
I agree, C seems like the correct choice. The father is transferring ownership to his children, which is a taxable gift.
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Timothy
2 months ago
Hmm, this is a tough one. I'm leaning towards D, but I'm not completely confident. Maybe I should review the gift tax rules again.
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Luz
2 months ago
I'm not sure about this one. It's tricky with the right of survivorship thing. I'll have to think about it some more.
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Pansy
2 months ago
User 3: I'm not sure, I need to review the options again.
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Simona
2 months ago
User 2: I agree, the right of survivorship makes it a taxable gift.
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Nu
2 months ago
User 1: I think it's both l and ll.
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Lai
3 months ago
I think the answer is C. Both I and II involve taxable gifts, as the father is transferring ownership of the real estate and the bank account to his children during his lifetime.
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Remedios
1 months ago
So, the answer is C. Both I and II involve taxable gifts because the father is giving assets to his children during his lifetime.
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Lorrine
1 months ago
Yes, that's correct. The father is making gifts of the real estate and the bank account to his children, which are considered taxable gifts.
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Precious
2 months ago
I agree, both scenarios involve taxable gifts because the father is transferring assets to his children while he is still alive.
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Marget
3 months ago
I'm not sure, but I think the answer might be A) I only.
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Malcom
3 months ago
I agree with Kallie. Both scenarios involve taxable gifts.
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Kallie
3 months ago
I think the answer is C) Both I and II.
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