The Federal gift and estate taxes were restructured in 1976 into the unified transfer tax.The objective of the change was to eliminate the tax difference between transfers during life (gift tax) and at death (estate tax).Does this uniformity of treatment currently exist? In this regard,comment on the following differences between the two taxes.
a.Applicable unified transfer tax credit.
b.Applicable unified transfer tax rates.
c.Availability of the charitable and marital deductions.
d.Availability of the annual exclusion.

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The Answer of The Federal gift and estate taxes were restructured in 1976 into the unified transfer tax.The objective of the change was to eliminate the tax difference between transfers during life (gift tax) and at death (estate tax).Does this uniformity of treatment currently exist? In this regard,comment on the following differences between the two taxes.
a.Applicable unified transfer tax credit.
b.Applicable unified transfer tax rates.
c.Availability of the charitable and marital deductions.
d.Availability of the annual exclusion.

The Federal Gift and Estate Taxes Were Restructured in 1976