Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 13

Which of the following is true concerning the Economic Growth and Tax Relief Reconciliation Act of 2001
a.This tax law leads to the immediate elimination of the federal estate tax.
b.This tax law leads to the immediate elimination of the federal gift tax.
c.This tax law provides for a $3.5 million tax-free exemption for estates created in 2009.
d.This tax law leads to the immediate elimination of the generation-skipping tax.