A Tax Levied on an Heir to Receive All or Part

question 9

Multiple Choice

A tax levied on an heir to receive all or part of the estate and life insurance proceeds of a deceased person is called a(n) ________ tax.

• A)estate income
• B)trust income
• C)inheritance
• D)gift
• E)estate

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Definitions:

Sellers

Individuals or entities that offer goods or services for sale to buyers.

Firm Offer

An offer in a contract that remains open and unchangeable for a specified period, giving the recipient time to consider and accept the offer without fear of withdrawal.

Air Conditioner Filters

Components in air conditioning systems designed to remove dust, pollen, and other particles from the air.

Risk of Loss

Refers to the possibility that an asset might be destroyed, damaged, or lost, causing financial loss to its owner.