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

select the correct answer.\ntim 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?\na. estate tax\nb. excise tax\nc. gift tax\nd. property tax\ne. sales tax

select the correct answer.\ntim 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?\na. estate tax\nb. excise tax\nc. gift tax\nd. property tax\ne. sales tax

Answer

Brief Explanations:

Gift tax is levied on the transfer of property as a gift. Since Tim gave his house to his sister as a gift, the tax applicable is gift - tax. Estate tax is related to the transfer of property upon death, excise tax is on specific goods and services, property tax is an ongoing tax on property ownership, and sales tax is on the sale of goods and services.

Answer:

C. gift tax