1. Assuming that a single person has made taxable lifetime gifts of $1.2 million, what is the largest taxable estate that could exist and still not incur any estate tax?

Us the following format to answer:

Total credits against tentative tax on total transfers: Tax on taxable gift tax (tax on 1.2 million of 427,800 less lifetime exclusion amount of 345,800 . Unified credit Total credits to totally offset tax Total tax on transfers tp be offset by above credits (this is the answer from above) Tax on first 2 million ? Tax on balance over 2 million ? amount is equal to 45% of ??? Total of all transfers Total transfers (2 million plus 1,684,000) Less taxable gifts Net estate tax 3,684,0001,200,0002,484,000 Total credits against tentative tax on total transfers: Tax on taxable gift tax (tax on 1.2 million of 427,800 less lifetime exclusion amount of 345,800 . Unified credit Total credits to totally offset tax Total tax on transfers tp be offset by above credits (this is the answer from above) Tax on first 2 million ? Tax on balance over 2 million ? amount is equal to 45% of ??? Total of all transfers Total transfers (2 million plus 1,684,000) Less taxable gifts Net estate tax 3,684,0001,200,0002,484,000