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Financial Planner

Category - Tax Planning

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The Revenue Act of 1916 views estates and trusts as what?

A way to avoid tax liability
A way to transfer wealth between individuals
A way to create additional tax liability
A way to donate to charitable causes

Explanation

Answer: B - While estates and trusts can donate to charitable causes, they are primarily a way to transfer wealth between individuals. Estates and trusts were not created with a purpose to avoid or increase tax liability.

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