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21) Which of the following is/are true statements regarding a gift? I) While the recipient of a gift is exempt from the income tax, the
21) Which of the following is/are true statements regarding a gift?
I) While the recipient of a gift is exempt from the income tax, the donor is also exempt from the gift tax.
II) A gift to a spouse is eligible for the annual exclusion, but not the marital deduction.
a: I only
b: II only
c: Both I and II
d: Neither I nor II
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