Why are the gift and estate taxes called wealth transfer taxes? what is the tax base for computing each of these taxes? why are the gift and estate taxes called wealth transfer taxes?
a. gift and estate taxes are both imposed on the donee, freeing the donor from paying taxes on the property.
b. gift and estate taxes are levied when a transfer of wealth (property) takes place and are based on the original purchase price of the transferred property.
c. gift and estate taxes are levied when a transfer of wealth (property) takes place and are part of the unified transfer tax system.
d. none of the above. what is the tax base for computing each of these taxes?
a. tax base for the gift tax is: fair market value of all gifts made in the current year minus an annual donee exclusion of $13,000 total for 20172017 and minus other applicable deductions. tax base for the estate tax is: the decedent's gross estate, plus taxable gifts made before 1976, minus the marital deduction, plus charitable deductions and minus a deduction for expenses if applicable.
b. tax base for the estate tax is: fair market value of all gifts made in the current year minus an annual donee exclusion of $13,000 per donee for 20172017 and minus other applicable deductions. tax base for the gift tax is: the decedent's gross estate, minus taxable gifts made after 1976, minus the marital deduction, minus charitable deductions and minus a deduction for expenses if applicable.
c. tax base for the gift tax is: fair market value of all gifts made in the current year minus an annual donee exclusion of $ 14 comma 000$14,000, minus a marital deduction for gifts to spouse and charitable deduction if applicable, plus the value of all taxable gifts in prior years. the tax base for the estate tax is: the decedent's gross estate, minus deductions for expenses, and a marital or charitable deduction if applicable, plus taxable gifts made after 1976.
d. tax base for the gift tax is: original purchase price of all gifts made in the current?