Final answer:
The estate tax and gift tax are taxes based on fair market value of assets transferred at death or as a gift.
Step-by-step explanation:
The subject of this question is taxes related to estate and gift transfers. The estate tax is a tax on the transfer of property when a person dies, while the gift tax is a tax on donations of money or wealth from one person to another. These taxes are based on the fair market value of the assets being transferred.