Questions and Answers
Which label best characterizes the taxation of property based on the value transferred by a decedent to beneficiaries?
d. Estate tax
Who is subject to federal estate tax?
c. U.S. citizens and residents, and nonresident aliens with property situated in the United States
When did Congress 'unify' the estate and gift tax?
b. 1976
Which features of federal estate and gift tax were unified by the 2010 Tax Reform Act?
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When did our current transfer tax system initially enacted by Congress celebrate its 100th birthday?
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Which of the following labels best characterizes the taxation of property based on the value transferred by a decedent to beneficiaries?
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Who is subject to federal estate tax?
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What did Congress do in 1976 regarding the estate and gift tax?
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When did our current transfer tax system initially enacted by Congress celebrate its 100th birthday?
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When did Congress once again unify certain aspects of the federal estate and gift taxes?
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Study Notes
Estate and Gift Tax
- The taxation of property based on the value transferred by a decedent to beneficiaries is characterized as transfer taxation.
Federal Estate Tax
- United States citizens and residents are subject to federal estate tax.
Estate and Gift Tax Unification
- Congress unified the estate and gift tax in 1976.
- The 2010 Tax Reform Act unified certain features of federal estate and gift tax, including the estate and gift tax exemptions and rates.
History of Transfer Tax System
- Our current transfer tax system was initially enacted by Congress in 1916, which means it celebrated its 100th birthday in 2016.
- Congress once again unified certain aspects of the federal estate and gift taxes in 2010.
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