Classify each statement appearing below.
a. No taxable transfer occurs
b. Gift tax applies
c. Estate tax applies
-Van takes out an insurance policy on his life and designates his estate as the beneficiary. Van dies four years later.

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The Answer of Classify each statement appearing below.
a. No taxable transfer occurs
b. Gift tax applies
c. Estate tax applies
-Van takes out an insurance policy on his life and designates his estate as the beneficiary. Van dies four years later.

Classify Each Statement Appearing Below