Lou dies on April 12, 2015. All of Lou's property passed to Paula, his daughter. Paula dies on January 15, 2017. Both Lou's and Paula's estates pay federal estate taxes. Lou's estate tax was $350,000. How much can Paula's estate claim for a credit for tax on prior transfers?

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The credit for tax on prior transfers is equal to the amount of estate tax paid by the prior decedent's estate. In this case, Lou's estate paid $350,000 in estate taxes. Therefore, Paula's estate can claim a credit for tax on prior transfers in the amount of $350,000.

Lou Dies on April 12, 2015