Mr. and mrs. k own rental property that generates $4,000 monthly revenue. the couple is in the highest marginal tax bracket. for christmas, mr. and mrs. k give the uncashed rent checks for october, november, and december to their 19-year-old grandson as a gift.

As per the value of gift value less than  maximum gift limit per receiver, thus no one will pay the taxes for the gift. However in other case the tax has to be paid by the giver and the gift tax return is to be filed.

Explanation:

The cheques are presented as a gift to the 19 yr old grandson. The tax on the gifts is to be given by the giver if the amount exceeds a specific amount per receive termed as maximum gift limit per receiver($15000 as of 2019).

In this case the value of gift is  $ 12000, which is less than the maximum gift limit per receiver thus no one has to pay the gift tax on the subject item. However the income is recorded in the account of Mr. and Mrs. K and thus further expensed out as gift to the grandson.

answer; the above statement/question is ( true);

turnover

the amount of money taken by a business in a particular period.