The following is a method used to determine the fair market value of property transferred for gift or estate tax purposes:
The trading price of a publicly-traded security on the date of gift.
The trading price of an intermittently-traded security on the date of gift.
The face value of a note receivable.
For a unique asset, the donor’s best guess.
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QUESTION 32
Which of the following transactions would most likely be characterized as a taxable gift (without considering the annual exclusion)?
Bob sells his car to Florence for $2,000 the current blue book value.
Bob sells his car to his son Bert for $500; although the blue book value is $2,000.
Bob pays his son Bert’s $15,000 tuition at Quality State University.
Bob gives $1,000 to St. Joseph’s Hospital.
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QUESTION 33
In 2016, the unified transfer tax credit applied to lifetime gifts is:
$780,800.
$192,500.
$2,125,800.
$5,450,000.
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