The Unified Transfer Tax System,comprised of the Gift and Estate

question 59

True/False

The unified transfer tax system,comprised of the gift and estate taxes,is based upon the total property transfers an individual makes during lifetime and at death.

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Definitions:

LLC

An LLC, or Limited Liability Company, offers a blend of characteristics from both corporations and partnerships/sole proprietorships, providing limited liability to its owners while allowing earnings to be taxed similarly to a partnership or sole proprietorship.

Operating Agreement

An arrangement among LLC's members concerning its business operations and members' financial and managerial rights and duties.

Fiduciaries

Individuals or entities entrusted to manage assets or wealth on behalf of another party while prioritizing the beneficiary's interests over their own.

LLC

A Limited Liability Company, a flexible form of enterprise that blends elements of partnership and corporate structures.