Explain the federal gift and estate taxes

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Reference no: EM1378106

A.) Explain the federal gift and estate taxes. What is the purpose of the federal gift tax? What is the reason of the estate tax? When are the taxes applied?

B.) Evaluation the components of the gross estate and taxable estate. How do the various deductions reduce gross estate to the taxable estate?

C.) Discuss the "unified transfer tax system" and provide a few examples. In all cases, make sure that you show how the gift and estate tax systems work together to give a single transfer tax system.

Reference no: EM1378106

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