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Which of the following statements is incorrect? O A. O B. C. 0 D. The estate tax is based on the fair market value of

Which of the following statements is incorrect? O A. O B. C. 0 D. The estate tax is based on the fair market value of property at death or the alternate valuation date. Property taxes are levied on real estate. Excise taxes are assessed on items such as gasoline and telephone use. Gift taxes are imposed on the recipient of a gift

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