Which of the following are characteristics of a gift tax charitable deduction?It is only for the amount of the charitable gift in excess of the annual exclusion amount.It allows up to 50% of the value of the gifted property to go to charity free of gift tax.The donee charity assumes any gift tax liability.It is available only for gifts to a qualified charity. A)II and III B)I and IV C)III and IV D)I and II

1. It is only for the amount of the charitable gift in excess of the annual exclusion amount Yes,…

Answered: Which of the following are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following are characteristics of a gift tax charitable deduction?

It is only for the amount of the charitable gift in excess of the annual exclusion amount.
It allows up to 50% of the value of the gifted property to go to charity free of gift tax.
The donee charity assumes any gift tax liability.
It is available only for gifts to a qualified charity.

II and III

I and IV

III and IV

I and II

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