Which of the following statements concerning federal gift, estate, and income taxes is (are) correct

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Which of the following statements concerning federal gift, estate, and income taxes is (are) correct

I. A taxable gift of income-producing property automatically transfers income tax liability to the donee.

II. The value of gifts made within 3 years of death cannot be brought back into the donor’s gross estate.
A . l only
B . II only
C . Both l and ll
D . Neither I nor II

Answer: D