The unified transfer tax system
A)imposes a single tax upon transfers of property during an individual's lifetime only.
B)imposes a single tax upon transfers of property during an individual's life and at death.
C)imposes a single tax upon transfers of property only at an individual's death.
D)none of above.

Question

Quizplus · Accepted Answer

The unified transfer tax system (also known as the estate and gift tax system) imposes a single tax on transfers of property made during an individual's lifetime and at their death. This tax is calculated based on the total value of the gifts and estate of the individual. The tax is applied to prevent individuals from avoiding paying taxes by giving away property before their death.

The Unified Transfer Tax System