All the following types of gifts are exempt from federal gift taxation, EXCEPT:

Group of answer choices

Payment of a neighbors $30,000 hospital bill to the hospital

Transfer of AT&T stock to a daughter

Transfer of property between husband and wife

Grandparents payment of college tuition for a grandchild to the college

Which of the following statements concerning the federal gift tax is correct?

Group of answer choices

It is first imposed on the right of the donee to receive the property

It is a flat tax based on gifts made in any calendar year

It is imposed and levied directly against the gift

It is imposed on the donor

R is the sole owner of a small corporation valued at $2,000,000. For several reasons, R decided to give 40% of the stock R owned in the corporation to Rs son and daughter. Under these circumstances, which of the following statements is (are) correct?

I The value of the stock will be taxable as ordinary income to the children.

II The value of the stock (minus the annual exclusion for each child) is the basis for determining whether R, as the donor, is liable for gift tax on this transfer and, if so, the amount that is payable.

Group of answer choices

II only

Both I and II

I only

Mrs. X wishes to give each of the four children a substantial amount of cash every year. What is the total maximum amount of the gift tax annual exclusion available in 2021 if Mr. X consents to the gifts, but for financial reasons is unable to participate personally?

Group of answer choices

$23,000

$45,000

$15,000

$120,000