When the first spouse dies, then any unused applicable exclusion is lost and cannot be used.
Answer the following statement true (T) or false (F)
False
Rationale: When the first spouse dies, if the executor so elects on the estate tax return, then any unused applicable exclusion amount will carry over to the other spouse. This is referred to as the portability of the unified transfer tax credit. See 15-4: Federal Unified Transfer Taxes.
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