Which,if any,of the following statements is incorrect?
A) The annual exclusion applies only to the gift tax.
B) A marital deduction is allowed for both gift and estate tax purposes.
C) Originally, the gift tax rates were lower than the estate tax rates.
D) A charitable deduction is allowed for both gift and estate tax purposes.
E) For 2008, the unified transfer tax credit (exclusion amount) is the same for both gift and estate tax purposes.
Correct Answer:
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