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Questions and Answers
Which type of tax is levied on the transfer of ownership or title to property from one individual or entity to another?
Which type of tax is levied on the transfer of ownership or title to property from one individual or entity to another?
- Transfer tax (correct)
- Donor's tax
- Income tax
- Estate tax
What are the two types of transfer tax mentioned in the text?
What are the two types of transfer tax mentioned in the text?
- Tax transfer and property transfer
- Income transfer and property transfer
- Gratuitous transfer and onerous transfer (correct)
- Estate transfer and donor's transfer
What is the purpose of a VPA Certificate in relation to estate tax?
What is the purpose of a VPA Certificate in relation to estate tax?
- To pay estate tax
- To claim deductions
- To file estate tax returns
- To attach to the estate tax return (correct)
Which tax is imposed on the transfer of goods or properties for free?
Which tax is imposed on the transfer of goods or properties for free?
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What is the purpose of a Tax Credit for estate tax paid to a foreign country?
What is the purpose of a Tax Credit for estate tax paid to a foreign country?
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Study Notes
Types of Taxes
- A transfer tax is levied on the transfer of ownership or title to property from one individual or entity to another.
Types of Transfer Taxes
- There are two types of transfer taxes mentioned in the text, but their specific names are not provided.
Estate Tax and VPA Certificate
- A VPA Certificate is required in relation to estate tax to fulfill a specific purpose, which is not specified in the text.
Gift Tax
- A gift tax is imposed on the transfer of goods or properties for free.
Tax Credit and Estate Tax
- A Tax Credit is available for estate tax paid to a foreign country, allowing taxpayers to offset their tax liability.
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