1. What is the basis for valuing assets transferred by gift and at death? 2. Who is responsible for.

1. What is the basis for valuing assets transferred by gift
and at death?

2. Who is responsible for reporting and paying gift taxes?
estate taxes?

3. Identify three primary sources of tax law.

4. Explain why the following statement is not necessarily
true: ‘‘If the IRS disagrees, I’ll take my case all the way to the Supreme
Court.’’