Which of the Following Is Not a Characteristic of Both

question 93

Multiple Choice

Which of the following is not a characteristic of both the Federal gift tax and the Federal estate tax?

• A)The generation-skipping transfer tax may apply.
• B)A charitable deduction is available.
• C)A marital deduction is available.
• D)A deduction for state death taxes may be available.
• E)An exclusion amount is available in computing the tax.

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Definitions:

Contract

A legally binding agreement between two or more parties that outlines obligations and rights with respect to services, products, or transactions.

Writing

The act or process of creating symbols such as letters or numbers on a surface to communicate or record information.

Statute of Frauds

A legal concept that requires certain types of contracts to be in writing in order to be enforceable.

Void

Describes a contract or legal agreement that is invalid or without legal effect from its inception.