When Property Is Transferred,the Gift Tax Is Based on

question 10

Multiple Choice

When property is transferred,the gift tax is based on

• A)replacement cost of the transferred property.
• B)fair market value on the date of transfer.
• C)the transferor's original cost of the transferred property.
• D)the transferor's depreciated cost of the transferred property.

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Definitions:

Fundus

The upper part of an organ, often referred to in context with the stomach or uterus, opposite from the opening.

Cardiac Region

A specific area of the stomach near the esophageal opening that acts as a sphincter to control the passage of food into the stomach.

Pyloric Opening

Opening between the stomach and the superior part of the duodenum.

Epiglottis

A leaf-shaped flap of cartilage located behind the tongue, which closes over the windpipe during swallowing to prevent food from entering the airway.