Solved: Concept of lifetime gifts and transfer tax, Accounting Basics

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Concept of lifetime gifts and transfer tax

Question: As the Federal estate tax is scheduled to be phased out, making lifetime gifts unnecessarily incurs a transfer tax that could have been avoided by passing the property by death.

1) Evaluate this statement. In what way is it correct? Incorrect? Misleading?

2) What could be some justification for lifetime giving?

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