What does estate tax refer to?

Estate tax refers specifically to a tax imposed on the transfer of property and assets from a deceased individual's estate. This tax is calculated based on the total value of the deceased person's estate, which includes all their real estate, personal property, and financial assets. The estate tax is typically paid before the assets are distributed to heirs or beneficiaries, ensuring that the government receives its share on the wealth that is transferred due to death.

While other options involve taxation, they do not accurately describe estate tax. Income tax pertains to taxes on living individuals' earnings, gift tax deals with the taxes on gifts given during a person's lifetime, and corporate taxes are levied on the profits of businesses. Therefore, the correct answer highlights the unique nature of the estate tax in relation to the distribution of wealth after an individual's passing.