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

Question

Quizplus · Accepted Answer

None of the transfers listed are treated as gifts for federal tax purposes. A political contribution is treated as a contribution to a political organization and is subject to separate limits and reporting requirements. A charitable contribution is treated as a deduction from taxable income, but not as a gift. Payment for medical expenses of a family member is also not treated as a gift.

Mr Lee Made the Following Transfers This Year