Question

Question 16
Arthur Downing died January 26, 2015 at age 78. He made taxable transfers of $3 million and had no taxable estate. On his estate tax return, an election is made to allow his wife Zelda to use his unused exclusion amount. Zelda had made no taxable gifts at the time of Arthur’s death. Her applicable exclusion amount is

Please help me to solve this question with detail explanation. Thanks

Answer 1

The trasfer tax is 0.0012 percent 0.6 per 500.

So, here the amount will be 3600 on 3 million

3000000-3600= 2996400

There is no tax and so only transfer amount will be deducted

So, zelda wilp get 2996400.