Estates, Gifts, And Trusts (EGT)

Estate Tax Credits and Computations (Portfolio 844)

  • This Portfolio analyzes rules under §§2010 through 2016 of the Internal Revenue Code and covers topics such as the unified credit against estate tax, unified credit planning, and more.


Bloomberg Tax Portfolio, Estate Tax Credits and Computations, No. 844, analyzes the complicated rules that apply under §§2010 through 2016 of the Internal Revenue Code. Topics covered include the operation of the unified credit against estate tax, unified credit planning, computations of the state death tax credit and deduction, and the credit for prior transfers. In addition, the Portfolio discusses the history of the various estate tax credits, the limitation on the use of these credits, as well as the interaction of the credit and deduction for state death taxes with state tax systems and other interrelated calculations. The Portfolio also analyzes the effects of choosing to deduct expenses on the estate return or the estate’s income tax return under the 1999 “Hubert” regulations.

The Portfolio reviews in detail the credit for foreign death taxes, the limitations on the credit, and how the foreign death tax credit is affected by estate tax treaties. Miscellaneous provisions affected by estate tax credits, such as the credit for death taxes on remainders and recovery of taxes claimed as a credit, are also discussed.

The Worksheets are highlighted by a number of hypotheticals illustrating the estate tax computations and the appropriate IRS forms for claiming the credits.

This Portfolio may be cited as Peebles, 844 T.M., Estate Tax Credits and Computations.

Table of Contents

I. Introduction
II. Unified Credit Against Estate Tax – §2010
III. Credit for State Death Taxes – §2011
IV. Credit for Gift Taxes Before 1977 – §2012
V. Credit for Prior Transfers – §2013
VI. Credit for Foreign Death Taxes – §2014
VII. Miscellaneous Provisions

Laura Peebles
Senior Fellow
Deloitte Tax LLP
Mike Schlect
Senior Manager
Deloitte Tax LLP
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