Verified Answer :

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Final answer:

Estate tax is a tax on the total value of a deceased person's assets, while gift tax applies to items of value given during one's lifetime.


Explanation:

Estate tax is a tax levied on the total value of the money and property of a deceased person, applicable to estates over a certain threshold. This tax aims to limit the amount of wealth passed on as inheritance to promote equality of opportunity. On the other hand, gift tax is imposed on items of value given by one person to another during their lifetime.


Learn more about Estate and Gift Tax here:

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