[Answer] Estate Tax

Answer: tax on a dead person’s assets.
Estate Tax
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The Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death ( Refer to Form 706 PDF (PDF)). The fair market value of these items is used not necessarily what you paid for them or what their values were when you acquired them.
Estate Taxes . For tax purposes these levies both federal and state are assessed on the estate s fair market value (FMV) rather than what the deceased originally paid for their assets. While …
The federal estate tax is imposed “on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.”. Federal estate taxes give very wealthy families incentives to transfer resources directly to distant generations in order to avoid taxes on successive rounds of transfers.
The estate tax thus limits to a modest degree the large tax breaks that extremely wealthy households get on their wealth as it grows which can otherwise go untaxed. The estate tax has been an important source of federal revenue for…

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