Why are the gift and estate taxes called wealth transfer$$ taxes? What is the tax base for computing each of these$$ taxes?

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Part $1$

Why are the gift and estate taxes called wealth transfer$$ taxes?

A$.$

Gift and estate taxes are levied when a transfer of wealth$($property$)$ takes place and are based on the original purchase price of the transferred property.

B$.$

Gift and estate taxes are levied when a transfer of wealth$($property$)$ takes place and are part of the unified transfer tax system.

C$.$

Gift and estate taxes are both imposed on the$$ donee, freeing the donor from paying taxes on the property.

D$.$

Gift and estate taxes are both imposed on the income of wealthy individuals.

Part $2$

What is the tax base for computing each of these$$ taxes?

A$.$

Tax base for the gift tax$$ is: fair market value of all gifts made in the current year minus an annual donee exclusion of $ $17$ comma $000$$$17,000$ for $20232023,$ minus a marital deduction for gifts to spouse and charitable deduction if$$ applicable, plus the value of all taxable gifts in prior years. The tax base for the estate tax$$ is: the$$ decedent's gross$$ estate, minus deductions for$$ expenses, and a marital or charitable deduction if$$ applicable, plus taxable gifts made after $1976.$

B$.$

Tax base for the gift tax$$ is: original purchase price of all gifts made in the current year minus an annual donee exclusion of $ $17$ comma $000$$$17,000$ per donee for $20232023$ and minus other applicable deductions. Tax base for the estate tax$$ is: the$$ decedent's gross$$ estate, minus taxable gifts made after$1976,$ minus the marital$$ deduction, minus charitable deductions and minus a deduction for expenses if applicable.

C$.$

Tax base for the gift tax$$ is: fair market value of all gifts made in the current year minus an annual donee exclusion of $ $16$ comma $000$$$16,000$ total for $20232023$ and minus other applicable deductions. Tax base for the estate tax$$ is: the$$ decedent's gross$$ estate, plus taxable gifts made before$1976,$ minus the marital$$ deduction, plus charitable deductions and minus a deduction for expenses if applicable.

D$.$

Tax base for the estate tax$$ is: fair market value of all gifts made in the current year minus an annual donee exclusion of $ $16$ comma $000$$$16,000$ per donee for $20232023$ and minus other applicable deductions. Tax base for the gift tax$$ is: the$$ decedent's gross$$ estate, minus taxable gifts made after$1976,$ minus the marital$$ deduction, minus charitable deductions and minus a deduction for expenses if applicable.