t is a tax levied on an heir's inherited portion of an estate if the estate's value surpasses an exclusion limit set by law. a. Estate Tax b. Personal Income Tax c. Consumption Tax d. Property Tax

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter18: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 6DQ
icon
Related questions
Question

It is a tax levied on an heir's inherited portion of an estate if the estate's value surpasses an exclusion limit set by law.

a. Estate Tax

b. Personal Income Tax

c. Consumption Tax

d. Property Tax

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Estate taxes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.
Recommended textbooks for you
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage