What is a tax levied on any asset inherited? a. flat tax c. payroll tax b. estate tax d. recessive tax
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A tax levied on any asset acquired is known as the estate tax.
A suitable answer is estate tax – this is a kind of tax that applied on a transfer of wealth after the person died.
It is levied on the assets of the departed rather than the legacy of the recipients.
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c) Estate tax
This tax is also known as inheritance tax. It is a tax levied by the government on someone whose inheritance value exceeds a specific amount set by the government.
It is levied on inherited assets such as physical property,cash in the bank accounts among other assets of value such as jewels and paintings.
Spouses of the deceased do not pay this tax. It is levied on the inheritors.
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