Identify which of the following statements is false.
A)Gift tax returns are due annually by April 15 following the year of the gift. No extensions are allowed.
B)The donor pays the gift tax generally.
C)Gift tax returns are filed on a calendar-year basis.
D)Receipt of an extension of time for filing a gift tax return does not extend the due date for payment of the gift tax.

Question

Quizplus · Accepted Answer

While gift tax returns are filed on a calendar-year basis, they are due on April 15 of the year following the gift UNLESS April 15 falls on a weekend or holiday. In that case, the due date is the next business day. Additionally, extensions may be granted for filing gift tax returns, but any tax due must still be paid by the original due date.

Identify Which of the Following Statements Is False