TRUE OR FALSE

1. The Federal gift tax is imposed on the donor.
2. The Federal estate tax credit is reduced to the extent that the gift tax credit is used during life.
3. Quinn makes taxable gifts in 1976, 1994, and 2001. In determining the gift tax on the 2002 transfer, all prior taxable gifts must be considered.
4. Under IRC 2001(b) Gift taxes payable is the amount of taxable gifts made multiplied by the rate of tax at decedents death.
5. Geena makes taxable gifts as follows: $100,000 in 1975 and $200,000 in 1978. When she dies in 2002, she has a taxable estate of $2,000,000. Geena's Federal estate tax base is $2,300,000 ($100,000 + $200,000 + $2,000,000).
6. A surviving spouse cannot use any part of a decedents unused estate tax credit.
7. If the alternate valuation date is elected, all assets must be valued as of their value six months after the owner's death.