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Concerning the Federal tax on generation-skipping transfers: a.The tax applies in addition to any applicable...

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Accounting

Concerning the Federal tax on generation-skipping transfers:

a.The tax applies in addition to any applicable gift or estate tax.

b.The tax applies in lieu of any applicable gift or estate tax.

c.The annual gift tax exclusion cannot be used to reduce the tax.

d.The tax is applied at a flat 33 percent tax rate.

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