Property, property rights or interests transferred to another for less than adequate and full consideration in money or money's worth.

• A. Gross Estate
• B. Gift Tax
• C. Real Property
• D. Charitable

Answer: (B)

When property or rights are given to someone for less than their fair value, the transfer is considered a gift for tax purposes. The tax that applies to such gratuitous transfers is the Gift Tax, which is charged on the value given without full compensation. The phrase “in money or money’s worth” includes noncash transfers, so any gift of property or rights falls under this. The other terms don’t fit: gross estate relates to assets at death for estate tax, real property is just a type of property, and charitable refers to gifts to charity (which may have deductions) but doesn’t define the general transfer described.