Helen made separate lifetime taxable gifts of $ 1.5 million and died leaving her

Question

Helen made separate lifetime taxable gifts of $ 1.5 million and died leaving her entire $10 million estate to her husband George. George had made taxable gifts of $856,000 prior to Helen’s death. In the year following her death, George made gifts of $50,000 to each of their four children. George died shortly after making the gifts leaving a taxable estate of $12 million, including the intact $10 million inherited from Helen. What is the net estate tax due on George’s estate, assuming that the executor of Helen’s estate elected to transfer any unused unified credit to George?

Explanation / Answer

As George git estate from his wife worth $10million . George died after making the gifts leaving a taxable estate of $12million which includes estate inherited form his wife so the net estate tax due on George's estate was $12m-$10m = $2millions

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