Tax

Please fully answer the following:

1. What does it mean when we say that there is a unified gift and estate tax in the US?

2. What is the difference between the estate and gift tax and the income taxation of estates and trusts?

3. What is the generation skipping tax?

4. How can a family reduce their estate tax liability by gifting property?

5. What is the difference between the gross and the taxable estate?

6. What is the alternate valuation date and how does it work?

7. What is the marital deduction and how does it work?

8. What is the current estate and gift tax lifetime exemption?

APA REFERENCE