Mr and Mrs Holt made no taxable gifts during their lifetimes. Mrs Holt died two years ago. Her estate tax return shows that she owed no estate tax and had an $800,000 unused lifetime exclusion. Mr Hold died in 2018. The lifetime transfer tax exclusion available to his estate is $12 million.

Question

Quizplus · Accepted Answer

$12 million = ($11.2 million + $800,000 portable exclusion from Mrs Holt)

Mr and Mrs Holt Made No Taxable Gifts During Their