In November 1976, Grant uses $30,000 of the specific exemption available at that time. The unified credit available to Grant for post-1976 transfers is reduced by
A)$0.
B)$6,000.
C)$15,000.
D)$30,000.

Question

Quizplus · Accepted Answer

The unified credit for post-1976 transfers was $192,800 in 2020. The specific exemption in 1976 was $30,000. Therefore, the reduction in the unified credit available to Grant would be equal to the amount of the specific exemption used ($30,000). Therefore, the unified credit available to Grant would be reduced by $30,000, leaving $162,800.

In November 1976, Grant Uses $30,000 of the Specific Exemption