Adjusted taxable gifts are included when calculating the taxable estate but are not subject to double taxation because a tax credit is provided for taxes payable on adjusted taxable gifts.

Question

Quizplus · Accepted Answer

This is correct. Adjusted taxable gifts are included in the calculation of the taxable estate for estate tax purposes, but they are not subject to double taxation because a tax credit is provided for any taxes payable on those gifts.

Adjusted Taxable Gifts Are Included When Calculating the Taxable Estate