Gifts

Question 1

If the FMV of property at the time of a gift is greater than the donor’s basis then, the donee will use the ____ as their own and will assume the donor’s ___ .

Answer 1

donor’s basis holding period

Question 2

Name 4 Future Interest Gifts (annual exclusion does NOT apply)

Answer 2

Remainder interest in property.
Trust that accumulates income (exception is 2503(c) as noted above).
Non-income producing property in trusts: unless the trustee can sell the property and buy income-producing property.
Trust has a sprinkle or a spray provision.

Question 3

An unrelated skip person is at least years ____ younger than the transferor.

Answer 3

37½

Question 4

To treat a disclaimer as qualified:

Answer 4

-The refusal or rejection of the benefits must be in writing.
-The writing must be received by the transferor, his legal representative, or the holder of the legal title to the property no later than nine months after the later of:
—The date on which the transfer creating the interest is made, or
—The date the person disclaiming reaches age 21.

Question 5

The annual exclusion for a gift to a non-citizen spouse is ________ in 2023.

Answer 5

$175,000