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GiftLaw Pro Home   >  Chapter 1 - Taxation and Giving  >  1.4 Generation-Skipping Tax Deductions  >  1.4.2 Exclusion and Exemption  >  Basic Quiz

Basic Quiz - 1.4.2 Exclusion and Exemption

1. The gift tax annual exclusion is available to each donor per donee per year.
           
2. In the case of a direct skip, the gift tax annual exclusion can be used to exclude certain transfers from GSTT.
           
3. There is an unlimited gift tax exclusion for tuition paid directly to educational institutions and for payments made directly to health care providers.
           
4. The unlimited gift tax exclusion for tuition and medical expenses applies to inter vivos generation-skipping transfers also.
           
5. Every individual is allowed a GSTT-exemption.
           
6. The GSTT exemption, since its inception, has never been increased.
           
7. The annual gift tax exclusion can apply to transfers in trust to a skip person.
           
8. Any allocation of an individual's GSTT exemption may be irrevocable.
           
9. An allocation of an individual's GSTT exemption for estate tax purposes may be made at any time on or before the filing deadline of the estate tax return (including extensions).
           
10. A "reverse QTIP election" is where an individual is allowed to terminate a QTIP trust.