The federal gift tax return

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Reference no: EM131214490

1. The federal gift tax return (Form 709) is generally due

a. on the same day as the individual income tax return for a calendar year taxpayer.

b. on October 15 of the year after the year the gift is made.

c. nine months after the date of death.

d. none of the above.

2. $1,500,000 will pass outright from Grandfather to Grandfather’s grandson, Paul, by virtue of being named as the beneficiary of a bank account in Grandfather's name. Grandfather’s son, John, who is Paul’s father is deceased, having died a week before grandfather. What will this event be?

a. a taxable termination.

b. a taxable distribution.

c. a direct skip.

d. none of the above.

Reference no: EM131214490

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