This year Amanda paid $749 in Federal gift taxes on a gratuitous transfer to her nephew.Amanda lives in Texas and does not pay any state or local income taxes.Which of the following is a true statement?
A) Amanda cannot deduct Federal gift taxes.
B) Amanda can deduct Federal gift taxes for AGI.
C) Amanda can deduct Federal gift taxes paid as an itemized deduction.
D) Amanda must include Federal gift taxes with other miscellaneous itemized deductions.
E) None of these is truE.Federal gift and estate taxes are not deductible.
Correct Answer:
Verified
Q65: Carly donated inventory (ordinary income property) to
Q66: Which of the following is a true
Q66: Opal fell on the ice and injured
Q67: When taxpayers donate cash and capital gain
Q72: Margaret Lindley paid $15,000 of interest on
Q73: This year Norma paid $1,200 of real
Q75: Which of the following is a true
Q76: Madeoff donated stock (capital gain property) to
Q79: Jim was in an auto accident this
Q80: Simone donated a landscape painting (tangible capital
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents