Carl and Carol Williams, a married couple, are doing some estate planning. Upon his death, Carl plans to leave 1,000,000 in property to his wife.
This amount will reduce the value of Carl's gross estate and will be taxed later when Carol dies. This reduction of the gross estate is called the
A) unified tax credit.
B) taxable estate.
C) capital gains deduction.
D) marital deduction.
Question 2
Each of the following helps to reduce federal estate taxes EXCEPT
A) the marital deduction.
B) the applicable unified tax credit amount.
C) life insurance policies in which the deceased had an incidents of ownership at the time of death.
D) expenses such as the cost of the funeral, estate settlement costs, and probate costs.
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