Classify each statement appearing below.
a.No taxable transfer occurs
b.Gift tax applies
c.Estate tax applies
-Van takes out an insurance policy on his life and designates Myrna as the beneficiary.Myrna dies first.

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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
-Van takes out an insurance policy on his life and designates Myrna as the beneficiary.Myrna dies first.

Classify Each Statement Appearing Below