When Property Is Transferred, Gift and Estate Taxes Are Based

question 106

Multiple Choice

When property is transferred, gift and estate taxes are based on the

• A)fair market value of the assets on the date of transfer.
• B)replacement cost of the transferred property.
• C)transferor's original cost of the transferred property.
• D)transferor's adjusted basis of the transferred property.
• E)fair market value less adjusted basis on the date of the transfer.