Joe dies late in 2015 and his estate is subject to an estate tax of $2 million. He leaves all of his assets to his daughter, Claudia. Claudia dies in early 2017. Which of the following statements is correct?
A) Claudia's estate receives no credit or deduction for the tax paid by Joe's estate.
B) Claudia's estate receives a credit for $1,000,000 of Joe's estate tax.
C) Claudia's estate receives a credit for $2,000,000 of Joe's estate tax.
D) Claudia's estate receives a deduction for $2,000,000 of Joe's estate tax.
C) Claudia's estate receives a credit for $2,000,000 of Joe's estate tax.
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