Nigel's grandmother, Helen, owned about 500 acres of land. When Helen died her will stated that each of her children and grandchild were to receive equal shares of this highly valuable property. What type of tax will Nigel and his other relatives most likely have to pay upon receipt of Helen's property?

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Business

Vance Berg

26 June, 14:26

Nigel's grandmother, Helen, owned about 500 acres of land. When Helen died her will stated that each of her children and grandchild were to receive equal shares of this highly valuable property. What type of tax will Nigel and his other relatives most likely have to pay upon receipt of Helen's property?

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Finnegan Holmes · Answer 1

d. estate tax

Explanation:

Based on the information provided within the question it can be said that Nigel and his other relatives most likely have to pay estate tax. This is a tax that an individual must pay when inheriting money or property from an relative or individual who has died. Which is the case in this scenario as Nigel and his relatives inherited a 500 acre land from his grandmother who passed away.