On December 1, 1976, Bart made a gift and claimed a $30,000 specific exemption. When Bart died in 2017, his tax base was $2,000,000. Assuming the maximum unified credit is $780,800, what is the credit available when computing Bart's estate tax?
What will be an ideal response?
$780,800 - ($30,000 × 0.20) = $774,800. The unified exemption must be reduced by 20% of any of the old $30,000 exemption used between September 8, 1976, and January 1, 1977.
Business
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