You have been asked to explain how the time value of money affects the application of the Federal unified transfer taxes for a presentation at your school's homecoming seminar.

To help you prepare for the presentation, select either "Yes" or "No" to indicate how the time value of money affects the application of the Federal unified transfer taxes.

a.	The Federal unified transfer tax system is unified and cumulative in effect.
b.	Gift tax liability incurred represents a postpayment of the individual's later estate tax.
c.	Tax prepayments decrease the present value of the transfer tax assessed of the transferred assets.
d.	To reduce the present value of transfer taxes, consider making asset transfers that do not incur the generation-skipping tax.