Estate and Gift Taxation: Unified Credit Flashcards
1
Q
Estate and gift taxation
A
has been combined into a unified system
2
Q
The unified credit is a specific credit
A
allowed against the estate tax and will encompass prior gifts as well
3
Q
If the husband did not fully utilize his exclusion amount.
A
That unused amount of $1,250,000 (based on the 2013 exclusion amount) can be used by The wife when she passes away in addition to the exclusion amount of $5,430,000
4
Q
The unified credit is defined as a credit
A
that allows donors and decedents to transfer a limited amount of property without being subject to the gift or estate tax. For 2015 the unified credit is $2,117,800, which exempts $5,430,000 in 2015 in transfers from the gift or the estate tax.
