A Unified Credit Is Subtracted in Calculating Both the Gift

question 41

Multiple Choice

A unified credit is subtracted in calculating both the gift tax and the estate tax. Why doesn't this calculation have the effect of increasing the total unified credit amount?

• A) The tentative estate tax is reduced by only taxes payable on adjusted taxable gifts rather than gross gift taxes.
• B) The unified credit only offsets the exemption equivalent.
• C) The unified credit cannot be used to offset gift taxes on adjusted taxable gifts.
• D)The unified credit varies in amount from year to year.
• E)None of these

Understand the battle of the forms and its implications for contract agreement discrepancies.

Recognize the impact of external circumstances (e.g., destruction of subject matter) on the viability of an offer.

Discuss the legal consequences of errors and misunderstandings in contract formation, and the difference between void and voidable contracts.

Identify different ways in which an offer can terminate and the implications for contract formation.

---

Definitions:

Syntactic Bootstrapping

An approach by which young children leverage syntax or the grammatical structure of sentences to infer the meanings of new words.

Cultural Modeling

Culturally specific ways of telling stories.

Nature

The phenomena of the physical world collectively, including plants, animals, the landscape, and other features and products of the earth, as opposed to humans or human creations.