TomorrowMakers ™

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Gift tax

Gift tax is applied on the transfer of property from one individual to another. This tax applies when the transfer is a gift and the person giving it receives nothing or less than the full value in return.

Gross income

Gross income refers to all the potentially taxable income received from any source for a person or an organization.

Gross estate

Gross estate is the total assets owned by an individual at the time of death, before being reduced by certain deductionssuch as taxes and debt.

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