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Which of the statements is true if the taxpayer was single

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Reference no: EM132950751

Problem 1: Assume that the unified credit for the taxpayer's year of death can shelter 11,000,000 from estate tax. Which of the following statements is true if the taxpayer was single?

Option 1: The decedent could give away a total of $11,000,000 at death or at life combined.
Option 2: The decedent can exclude only $5,500,000 during life even if more than that is given away.
Option 3: The decedent could give away $11,000,000 during life and another $11,000,000 at death without paying any gift or estate tax.
Option 4: The unified credit can be applied only to the gift tax - - not to the estate tax.

Reference no: EM132950751

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