Mr. Lee made the following transfers this year. Which of the transfers are treated as gifts for federal tax purposes?

Question

Quizplus · Accepted Answer

A political contribution and a charitable contribution are not considered gifts for federal tax purposes because they are made to a qualified organization and are therefore deductible. The payment to the hospital for medical expenses is also not considered a gift because it is a payment for a service rendered. Therefore, none of the transfers listed are treated as gifts for federal tax purposes.

Mr Lee Made the Following Transfers This Year