Note: No classes today July13, 2009, but submit this assignment on Wednesday July 15, 2009 on an intermediate pad.

1. What are the different kinds of transfer taxes imposed under the tax code. Briefly define each.

2. Distinguish inheritance tax from estate tax.

3. Who are the taxpayers liable for the payment of estate tax.

4. What is the purpose of Estate Tax?

5. Give atleast 2 theories used in justifying the imposition of estate tax and briefly explain each.