CPA 2026 REG Tax Regulation Gift Tax Free Quiz 1

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CPA 2026 REG Tax Regulation Gift Tax Free Quiz 1

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CPA 2026 REG Tax Regulation Gift Tax Free Quiz 1

Practice CPA 2026 REG Tax Regulation MCQs from Gift Tax. Get instant results with Explanation.

General10 MCQs

1. What is a gift and how is it taxed?

A. The gift tax is imposed on the doneeB. Gift tax applies only to cash giftsC. The gift tax is imposed on the donor, based on the fair market value of the giftD. The gift tax is the same as the estate tax

2. What is the annual gift tax exclusion?

A. The annual gift tax exclusion is $17,000 per donee (2023)B. The annual gift tax exclusion is $15,000 per doneeC. The annual gift tax exclusion is $10,000 per doneeD. The annual gift tax exclusion is unlimited

3. What is the difference between a present interest and a future interest for gift tax purposes?

A. Gifts of future interests qualify for the annual exclusionB. Gifts of present interests do not qualify for the annual exclusionC. All gifts qualify for the annual exclusionD. Only gifts of present interests qualify for the annual exclusion

4. What is the unified credit for gift tax?

A. The unified credit for gift tax is $5 millionB. The unified credit for gift tax is $12.92 million (2023)C. The unified credit for gift tax is the same as the annual exclusionD. The unified credit for gift tax is not available

5. How are gifts to a spouse treated for gift tax purposes?

A. Gifts to a spouse are always subject to gift taxB. Gifts to a non-citizen spouse are unlimitedC. Gifts to a US citizen spouse are not subject to gift tax due to the marital deductionD. Gifts to a spouse are limited to $17,000 per year

General10 MCQs

6. Are gifts to charities taxable gifts?

A. Gifts to qualified charities are not taxable giftsB. Gifts to charities are subject to gift tax but have a charitable deductionC. Gifts to charities are taxable gifts but are deductibleD. Gifts to charities are subject to gift tax without deduction

7. How is gift tax calculated?

A. Gift tax is calculated on each gift separatelyB. Gift tax is not calculated on cumulative giftsC. Gift tax is calculated on the total gifts for the year, ignoring prior yearsD. Gift tax is calculated on cumulative taxable gifts over the donor's lifetime

8. What is the due date for filing a gift tax return?

A. Form 709 is due on June 15B. Form 709 is due on April 15 following the year of the giftC. Form 709 is due on December 31 of the year of the giftD. Form 709 is not required for gifts under $100,000

9. What is gift splitting?

A. Gift splitting is not allowedB. Gift splitting requires both spouses to make separate giftsC. Gift splitting allows a married couple to treat a gift as made equally by both spousesD. Gift splitting is only available for gifts to children

10. What is a Crummey power?

A. A Crummey power allows a gift in trust to qualify for the annual exclusionB. A Crummey power is not recognized for gift tax purposesC. A Crummey power applies to gifts to charitiesD. A Crummey power is the same as a power of appointment

📋 CPA - Test Online Practice Quizzes

CPA

Conducting Body: AICPA

Frequency: Exam Frequency Year Round | Time: 960 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 250 MCQs):

Auditing and Attestation: 78 MCQs
Financial Accounting and Reporting: 50 MCQs
Taxation and Regulation: 72 MCQs
Business Analysis and Reporting: 50 MCQs
Information Systems and Controls: 82 MCQs
Tax Compliance and Planning: 68 MCQs

Merit Formula: -

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