1) Which of the following is not an ad valorem tax a sales tax b property tax c excise tax d none of the above 2) A father can transfer property to a family member by gift during life or at death under his will One benefit of lifetime gifts over transfers at death is a To take advantage of the higher unified transfer tax credit available under the gift tax b To avoid a future decline in value of the property transferred c To take advantage of the per donee annual exclusion d To shift income to higher bracket donees 3) Which of the following statements are true regarding a progressive tax a The rate of tax increases as the tax base increases b The rate of tax remains the same as the tax base increases c Another name for it is a proportional tax d None of the above

Question

1) Which of the following is not an ad valorem tax  a  sales tax b  property tax c  excise tax d  none of the above 2) A father can transfer property to a family member by gift during life or at death under his will  One benefit of lifetime gifts over transfers at death is  a  To take advantage of the higher unified transfer tax credit available under the gift tax  b  To avoid a future decline in value of the property transferred  c  To take advantage of the per donee annual exclusion  d  To shift income to higher bracket donees  3) Which of the following statements are true regarding a progressive tax  a  The rate of tax increases as the tax base increases b  The rate of tax remains the same as the tax base increases c  Another name for it is a proportional tax d  None of the above

Accepted Answer

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	a.	To take advantage of the higher unified transfer tax credit available under the gift tax.
	b.	To avoid a future decline in value of the property transferred.
	c.	To take advantage of the per donee annual exclusion.
	d.	To shift income to higher bracket donees.

Question

1) Which of the following is not an ad valorem tax? a. sales tax b. property tax c. excise tax d. none of the above

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	a.	The rate of tax increases as the tax base increases
	b.	The rate of tax remains the same as the tax base increases
	c.	Another name for it is a proportional tax
	d.	None of the above