Classify each statement appearing below.
a. No taxable transfer occurs
b. Gift tax applies
c. Estate tax applies
-Hugh loans his adult daughter, Nadia, $800,000 to start her own business. Market rate interest is provided for, and Nadia signs a note that is payable in four years.

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
-Hugh loans his adult daughter, Nadia, $800,000 to start her own business. Market rate interest is provided for, and Nadia signs a note that is payable in four years.

Classify Each Statement Appearing Below