Question 1
Shaquille buys new cars for five of his friends. Each car cost $70,000. What is the amount of Shaquille's taxable gifts?
◦ $0
◦ $280,000
◦ $336,000
◦ $350,000
Question 2
The unified transfer tax system
◦ imposes a single tax upon transfers of property during an individual's lifetime only.
◦ imposes a single tax upon transfers of property during an individual's life and at death.
◦ imposes a single tax upon transfers of property only at an individual's death.
◦ none of these.