Which of the following statements is false?
A)Use taxes are assessed on out-of-state purchases used in the purchaser's state.
B)The estate tax is based on the fair market value of property transferred at the owner's death.
C)Tariffs are taxes levied on goods and materials brought into a country.
D)Gift taxes are imposed on the recipient of the gift.

Question

Quizplus · Accepted Answer

Gift taxes are generally imposed on the donor (the person giving the gift), not the recipient. The responsibility for paying the gift tax typically falls on the individual who gives the gift, rather than the one who receives it.

Which of the Following Statements Is False