Adjusted Taxable Gifts Are Included When Calculating the Taxable Estate

question 144

True/False

Adjusted taxable gifts are included when calculating the taxable estate but are not subject to double taxation because a tax credit is provided for taxes payable on adjusted taxable gifts.

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Definitions:

Abortion

The medical termination of a pregnancy before the fetus is capable of surviving outside the uterus, a topic of significant ethical, legal, and social debate.

Financial Inability

The lack of sufficient financial resources to meet basic needs or to invest in opportunities.

Amniocentesis

A procedure in which fluid is withdrawn from a woman’s abdomen and analyzed for abnormalities in the fetus.

Downs Syndrome

A genetic disorder caused by the presence of all or part of a third copy of chromosome 21, characterized by physical growth delays and mild to moderate intellectual disability.