On January 4, 2014, Owen died and left ranch land with a value of $300,000 to his brother, Victor. This transfer was purely donative with no expectation of anything in return. Victor transferred all of this land to his corporation, Circle C Ranch, Inc. Victor is the president and an active employee of the corporation. Victor's salary from the corporation is $40,000 per year. The ranch land is located in Torrent County, Texas. The Torrent Appraisal District appraises the property. From the above facts name six different types of federal, state, or local taxes that might have to be paid and name the entity that is liable to pay them.

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The Answer of On January 4, 2014, Owen died and left ranch land with a value of $300,000 to his brother, Victor. This transfer was purely donative with no expectation of anything in return. Victor transferred all of this land to his corporation, Circle C Ranch, Inc. Victor is the president and an active employee of the corporation. Victor's salary from the corporation is $40,000 per year. The ranch land is located in Torrent County, Texas. The Torrent Appraisal District appraises the property. From the above facts name six different types of federal, state, or local taxes that might have to be paid and name the entity that is liable to pay them.

On January 4, 2014, Owen Died and Left Ranch Land