Saint LEO ACC421 Exam 1 Quiz
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Saint LEO ACC421 Exam 1 Quiz 1
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Question
Question 1
If fraud is involved, there is no time limit on the assessment of a deficiency by the IRS.
1) True
2) False
Question 2
Property can be transferred within the family group by gift or at death. One motivation for preferring the gift approach is:
1) To take advantage of the higher unified transfer tax credit available under the gift tax.
2) To avoid a future decline in value of the property transferred.
3) To take advantage of the done annual exclusion.
4) To shift income to hig...
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Saint LEO ACC421 Exam 1 Quiz•Saint LEO ACC421 Exam 1 Quiz
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Question
Question 1
If fraud is involved, there is no time limit on the assessment of a deficiency by the IRS.
1) True
2) False
Question 2
Property can be transferred within the family group by gift or at death. One motivation for preferring the gift approach is:
1) To take advantage of the higher unified transfer tax credit available under the gift tax.
2) To avoid a future decline in value of the property transferred.
3) To take advantage of the done annual exclusion.
4) To shift income to hig...