1) The Applicable Credit Amount is claimed on: A) Page 1 of Form 706, directly.
ID: 2563830 • Letter: 1
Question
1) The Applicable Credit Amount is claimed on:
A) Page 1 of Form 706, directly.
B) Page 5 of Form 706, directly.
C) Form 706, Schedule P.
D) Form 706, Schedule Q.
2) For purposes of determining the marital deduction, the total value of the property passing to the surviving spouse must be reduced by:
A) Generation-skipping transfer and federal estate tax paid out of the marital share.
B) Generation-skipping transfer tax paid out of the marital share.
C) Federal estate tax paid out of the marital share.
Federal estate paid out of the total estate.
Explanation / Answer
1) The Applicable Credit Amount is claimed on:
A) Page 1 of Form 706, directly.
On page 1 of Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, the applicable credit amount is claimed on Part 2 - Tax Computation, Point 9e.
2) For purposes of determining the marital deduction, the total value of the property passing to the surviving spouse must be reduced by:
D) Federal estate paid out of the total estate.
For the calculation of the marital deduction, all assets that will transfer to the spouse less amounts that must be paid from the probate estate. The amounts should be paid out of the total estate and not out of the marital share.
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