in the context of estate taxation what is the definition of

in the context of estate taxation, what is the definition of portability

another browser . Imp To see favorites here, select then , and drag to the Favorites Bar folder. Or import from 40% Mark for follow up Question 56 of 105. In the context of estate taxation, what is the definition of portability? O If a trust is valid in the state in which it was signed, it is valid in the state in which the decedent died. O If the first spouse to die does not use their etire Applicable Credit Amount, the surviving spouse may be able to use the remainder of the credit O Portable goods are reported on Schedule F O Assets owned by the decedent are included in the gross estate regardless of where they are located. Mark for follow up Question 57 of 105. On which schedule of Form 706 would you report general powers of appointment held by the decedent? O Schedule A.

Solution

B) If the first spouse to die does not use their entire Applicable Credit Amount , the surviving spouse may be able to use the remainder of the credit .

portability of the federal estate tax exemption between married couples means that if the first spouse dies and the value of the estate does not require the use all of the deceased spouse\'s federal exemption from estate taxes, then the amount of the exemption that was not used for the deceased spouse\'s estate may be transferred to the surviving spouse\'s exemption so that he or she can use the deceased spouse\'s unused exemption plus his or her own exemption when the surviving spouse later dies.