Identify which of the following statements is true.
A)The tax base for the federal estate tax is the total of the decedent's taxable estate and post-1976 taxable gifts.
B)Property included in a decedent's gross estate consists of only that property to which the decedent held title.
C)Funeral expenses are not deductible from the gross estate.
D)All of the above are false.

Question

Quizplus · Accepted Answer

The tax base for the federal estate tax is the total of the decedent's taxable estate and post-1976 taxable gifts. This includes property to which the decedent held title as well as property in which the decedent had an interest at the time of death, such as life insurance proceeds. Funeral expenses are deductible from the gross estate, up to certain limits.

Identify Which of the Following Statements Is True