ESTATE & GIFT TAXATION

1. What is the Gross Estate made up of?
2. What are the deductions one can use against the gross estate?
3. Many say that the estate tax is optional due to the Marital Deduction and the Charitable Deduction. What do you think they mean by that?
4. How large a taxable estate can one have without incurring an estate tax in 2020 (look outside the text for the answer)?
5. What is the concept of portability as it affects the estate tax?
6. Many believe that the gift tax exclusion (currently $15,000) means they can deduct it on their income tax return? Is that true?