16.Gift tax is a paper tax because:
(1 Point)
It is an indirect tax
It is an idirect tax
It does not have significant revenue yield
Both b and c
Answers
Answer:
your correct answer is both a and c
Answer:
It is an direct tax .
Explanation:
It is an direct tax .
Gift taxes are levied by the federal government when someone gives anything of value to another person. The recipient cannot pay the donor the whole value of the present in order for it to be declared a gift, however they may pay a sum that is less than the full value. The gift tax is not an indirect tax as a result.
Direct taxes are a class of taxes that encompass several tax types including income tax, corporation tax, wealth tax, gift tax, spending tax, etc. Sales tax, excise duty, VAT, service tax, entertainment tax, custom duty, etc. are a few examples of indirect taxes.
The entire value of all such gifts received throughout the year will thus be charged to tax (i.e. the amount of tax due if the total value of gifts received during the year exceeds .
#SPJ3