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The amount levied on the value of property bequeathed by a deceased person is.A. Inheritance tax.
Inheritance Tax: What Is It?
An estate tax is a charge placed on the estate (the money and property of a deceased person), whereas an inheritance tax is a tax paid by a person who receives money or property from a deceased person.
Some states charge the beneficiaries of inherited assets an inheritance tax. Unlike an estate tax, which is paid by the decedent's estate, an inheritance tax is paid by the beneficiary of a bequest.
The tax is uncommon in the United States, and as of 2022, the state where the deceased resided or owned property will determine whether it applies in one of the six states with an inheritance tax.
In conclusion, it can be noted that the amount levied on the value of property bequeathed by a deceased person is Inheritance tax.
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The amount levied on the value of property bequeathed by a deceased person is
A. Inheritance tax.
B. Excise tax.
C. Social Security tax.
D. Real estate tax.
E. Sales tax.
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