At one point,the tax rates applicable to transfers by gift were lower than those applying to transfers by death.

Question

Quizplus · Accepted Answer

This statement is true. Prior to 1976, the tax rates for gift transfers were lower than those for transfers by death. However, this changed with the enactment of the Tax Reform Act of 1976, which established a unified gift and estate tax system with the same rates and exemptions for both types of transfers.

At One Point,the Tax Rates Applicable to Transfers by Gift