All the following statements concerning ldquonet giftsrdquo, Ask an Expert

Finance

All the following statements concerning “net gifts” are correct EXCEPT:

A. If the gift tax paid by the donee exceeds the donor’s cost basis, the donor is in receipt of taxable income.

B. Only the net amount of the gift will be considered as an adjusted taxable gift in the estate tax computation.

C. The gift tax paid by the donee can be credited against the donor’s estate taxes.

D. The unified tax credit is not available for net gifts

Provide a detailed explanation for the answer you choose. This is estate planning

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Financial Management, Finance

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