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Which one of the following characteristics is common to both testamentary and lifetime transfers of wealth? Both types of transfers will have similar income tax

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Which one of the following characteristics is common to both testamentary and lifetime transfers of wealth? Both types of transfers will have similar income tax implications. Both types of transfers are affected by any prior transfers made by the transferor. Both types of transfers allow use of the annual exclusion Both types of transfers allow property to be valued on two alternative dates

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