Which statement about transfer taxes in the United States is TRUE?

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Gifts up to $14,000 per person per year are not taxed under the federal gift tax exclusion. This amount can be given annually to as many individuals as desired without incurring transfer taxes. Choices A and D are false as the estate tax is progressive and was not permanently abolished in 2010. Choice B is also false as there is no gift tax exemption for gifts up to $100,000 per person per year - any gift over the $14,000 per person per year exemption reduces the giver's lifetime gift and estate tax exemption.

Which Statement About Transfer Taxes in the United States Is