CPA 2026 REG Tax Regulation Gift Tax Free Quiz 2

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CPA 2026 REG Tax Regulation Gift Tax Free Quiz 2

CPA Quiz

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CPA 2026 REG Tax Regulation Gift Tax Free Quiz 2

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

General10 MCQs

1. What is the gift tax rate?

A. The gift tax rate is a flat 21%B. The gift tax rate is a flat 35%C. The gift tax rate is the same as the capital gains rateD. The gift tax rate is 40% for taxable gifts above the exemption

2. How are gifts of business interests valued?

A. Gifts of business interests are valued at book valueB. Gifts of business interests are valued at fair market value at the date of the giftC. Gifts of business interests are valued at costD. Gifts of business interests are not subject to gift tax

3. How are gifts to minors treated for gift tax purposes?

A. Gifts to minors do not qualify for the annual exclusionB. Gifts to minors always qualify for the annual exclusionC. Gifts to minors qualify for the annual exclusion if made through a custodial account or trust that allows accessD. Gifts to minors are subject to a special tax rate

4. What is the basis of gifted property?

A. The donee's basis in gifted property is the donor's adjusted basis (carryover basis)B. The donee's basis is the fair market value at the date of the giftC. The donee's basis is zeroD. The donee's basis is the donor's original cost

5. How are gifts of encumbered property treated?

A. Gifts of encumbered property are not taxableB. The donor does not realize gain on the transfer of encumbered propertyC. The donee assumes the debt with no tax consequencesD. The donor may realize gain on the transfer of encumbered property to the extent debt exceeds basis

General10 MCQs

6. What transfers are not subject to gift tax?

A. All transfers are taxable giftsB. Tuition and medical expenses paid directly to the provider are not taxable giftsC. Transfers to political organizations are taxable giftsD. Sales of property are taxable gifts if the price is below fair market value

7. Who is liable for the gift tax?

A. The donee is always liable for the gift taxB. The donor is never liable for the gift taxC. The donor is primarily liable for the gift tax, but the donee may be secondarily liableD. The gift tax is imposed on both the donor and the donee

8. Are gifts to trusts taxable gifts?

A. Gifts to trusts may be taxable gifts unless they qualify for an exclusion or deductionB. All gifts to trusts are taxable giftsC. Gifts to trusts are not taxable giftsD. Gifts to trusts are only taxable if the trust is revocable

9. How does a power of appointment affect gift tax?

A. Powers of appointment are not subject to gift taxB. A general power of appointment is not a taxable eventC. A special power of appointment is subject to gift taxD. The exercise of a general power of appointment may be a taxable gift

10. When is a gift tax return required?

A. Form 709 is optional for gifts under the annual exclusionB. Form 709 is required for taxable gifts exceeding the annual exclusionC. Form 709 is only required for gifts to non-citizensD. Form 709 is not required if the gift is cash

📋 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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