Ch10 L5

Match the tax type to the correct description.

• Tax based on your assets

• Property Tax

• Tax on the positive value of a gift. (Inheritance.)

• Capital Gains Tax

• Tax paid on land, homes, or commercial real estate.

• Wealth Tax

Match the tax type to the correct description.

• Tax on transferred property as a result of the owner's death.

• Estate Tax

• Tax on a transfer of money valued at a high rate.

• Gift Tax

• Tax on asset(s) received from someone who has died.

• Inheritance Tax

True or False: Wealth taxes vary by state.

• True

• False

A gift tax would be required for a donation larger than...

• $100

• $1,200

• $15,000

• $25,000

Which day is tax day?

• Jan 31st

• Feb 3rd

• March 21st

• April 15th

Name the tax that is already included in the price of an item. (Like gas, groceries, etc.)

• Excise Tax

• Income Tax

• Property Tax

• Capital Tax

Identify ALL of the examples of a wealth tax below.

• You inherit $50,000

• You make $10,000 after selling a home.

• You inherit a home.

• You receive rent payments.