9. Computing the federal transfer tax - Practice 2 Lorenzo Zambetti died in 2012, leaving an estate of $21,000,000. Lorenzo's wife died in 2009. In 2009, Lorenzo gave his son property that resulted in a taxable gift of $4,000,000 and upon which Lorenzo paid $950,000 in transfer taxes. Lorenzo had made no other taxable gifts during his life. Lorenzo's will provided a charitable bequest of $500,000 to his town's historical society. Exhibits - Tax schedules and credits Exhibit 15.7 - Unified Credits and Applicable Exclusion Amounts for Estates and Gifts: Exhibit 15.8 - Federal Unified Transfer Tax Rates: Unified Tax Credit- Year 2008 Estates $780,800 Applicable Exclusion Amount- Estates Unified Tax Credit- Gifts Applicable Exclusion Amount -Gifts $2,000,000 $345,800 $1,000,000 2009 $1,455,800 $3,500,000 $345,800 $1,000,000 2010 Estate tax repealed for $330,800 $1,000,000 2010 2011 $1,730,800 $5,000,000 $1,730,800 $5,000,000 2012 $1,772,800 $5,120,000 $1,772,800 $5,120,000 2013 $2,045,800 $5,250,000 $2,045,800 $5,250,000 2014 $2,081,800 $5,340,000 $2,081,800 $5,340,000 2015 $2,117,800 $5,430,000 $2,117,800 $5,430,000 2016 $2,125,800 $5,340,000 $2,125,800 $5,340,000 2017 $2.141.800. $5.490.000 $2.141.800 $5.490.000.