select the correct answer. tim gave his house in another city to his sister. he had to pay taxes to the…

select the correct answer. tim gave his house in another city to his sister. he had to pay taxes to the government on this transfer. what type of tax did the government levy? a. estate tax b. excise tax c. gift tax d. property tax e. sales tax

select the correct answer. tim gave his house in another city to his sister. he had to pay taxes to the government on this transfer. what type of tax did the government levy? a. estate tax b. excise tax c. gift tax d. property tax e. sales tax

Answer

Brief Explanations:

Gift tax is imposed on the transfer of property as a gift. Tim gave his house to his sister, which is a gift - like transfer. Estate tax is related to the transfer of an entire estate at death. Excise tax is on specific goods and services. Property tax is an annual tax on property ownership. Sales tax is on the sale of goods and services.

Answer:

C. gift tax