18. The gift tax annual exclusion is claimed by the donor for small gifts of less than $15,000 per donee. 19. The gift tax-ANNUAL EXCLUSION. applies only for gifts made to your children. 20. The gift and estate tax "MARITAL DEDUCTION" only applies to transfers that a husband makes to a wife, and not to gifts a wife makes to a husband. 21. IBM, a US based publicly traded company, may elect to be taxed as an "S" corp 22 New York State imposes an income tax on people domiciled in New York and also statutory residents MULTIPLE CHOICE 23. The stated reason for the FEDERAL ESTATE TAX is A. Break up large accumulations of family wealth and power. B. Provide accountants and lawyers with tax return preparation work. C. Raise revenue for the govemment. D. Give politicians something to campaign about. E. Subsidize people to earn taxable income. 24. The stated reason for THE FOREIGN TAX CREDIT is A. Avoidance of double taxation B. Sharing of information between tax authorities C. Increase overall world wide tax revenue D. B and C E. Allow politicians to complain about President Trump's tax return