Classify each statement appearing below.
a.No taxable transfer occurs
b.Gift tax applies
c.Estate tax applies
-Under her father's will,Faith is to receive 10,000 shares of GE common stock.Fifteen months after her father's death,Faith disclaims the 10,000 shares.

Question

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The Answer of Classify each statement appearing below.
a.No taxable transfer occurs
b.Gift tax applies
c.Estate tax applies
-Under her father's will,Faith is to receive 10,000 shares of GE common stock.Fifteen months after her father's death,Faith disclaims the 10,000 shares.

Classify Each Statement Appearing Below