American College Exam HS330 Topic 3 Question 97 Discussion

Actual exam question for American College's HS330 exam

Question #: 97
Topic #: 3

[All HS330 Questions]

To determine whether a taxable gift has been made, the IRS focuses on all the following factors EXCEPT:

AWas the transferred property real property or personal property?

BWas the value of the gift property in excess of the annual per-donee exclusion?

CDid the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?

DWas the property transferred for less than an adequate and full consideration in money or money's worth?

Show Suggested Answer

Suggested Answer: A

by Adria at Sep 15, 2024, 09:45 PM

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Stanford

2 months ago

I bet the IRS wishes they could just say 'all of the above' and be done with it. This is a tricky question!

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Staci

1 months ago

C) Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?

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Wenona

2 months ago

B) Was the value of the gift property in excess of the annual per-donee exclusion?

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Milly

2 months ago

A) Was the transferred property real property or personal property?

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Deonna

2 months ago

Haha, the IRS is like a bloodhound when it comes to sniffing out taxable gifts. D is the right answer for sure.

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Cristal

1 months ago

That's the key factor they look at to determine if a gift is taxable.

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Kristel

1 months ago

D) Was the property transferred for less than an adequate and full consideration in money or money's worth?

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Allene

2 months ago

Definitely, they are thorough in their investigations.

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Dana

2 months ago

Yeah, the IRS doesn't mess around with taxable gifts.

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Mariann

2 months ago

Definitely C. Giving up control of the property is the most important part of making a taxable gift.

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Dominque

2 months ago

B is the correct answer. The annual exclusion is a key factor in deciding if a gift is taxable.

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Patrick

2 months ago

C) Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?

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Alida

2 months ago

B) Was the value of the gift property in excess of the annual per-donee exclusion?

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Judy

2 months ago

A) Was the transferred property real property or personal property?

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Miles

3 months ago

Hmm, I see your point. But I still think the correct answer is D) Was the property transferred for less than an adequate and full consideration in money or money's worth.

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Laurel

3 months ago

I disagree, I believe the answer is C) Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property.

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Miles

3 months ago

I think the answer is A) Was the transferred property real property or personal property?

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Jolene

3 months ago

I think the answer is A. The IRS doesn't really care about the type of property when determining a taxable gift.

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Georgene

2 months ago

C) Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?

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Halina

3 months ago

A) Was the transferred property real property or personal property?

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