Burt and Lisa are married and wish to gift the maximum amount of money possible to their two married children in 2016 without incurring a gift tax, What is the maximum amount of money that they can gift? $28,000 $56,000. $84,000 $112,000 None of the above Which of the following sources of tax guidance is least important? Treasury Regulations Internal Revenue Code of 1986 Revenue Rulings Revenue Procedures Letter Rulings Which of the below best describes the estate tax? It is imposed on certain assets such as alcohol and tobacco. It is imposed based on the value of the assets the taxpayer left behind when he died and is paid before the assets are distributed. It is based on income. It is imposed by some states based on the value of property received None of the above Which, if any, of the following taxes are progressive? FICA (Social Security Tax) State sales tax. Federal Income tax. Tax on cigarettes. None