Identify the correct statement regarding the portability of a deceased spouse’s unused lifetime exclusion amount.

a. It can be granted via an amended tax return of the surviving spouse
b. It permits the surviving spouse to apply the decedent’s unused exclusion amount to the surviving spouse’s own transfers during life, but not at death
c. It is granted via an election on the decedent’s fiduciary income tax return
d. It can be elected only through a timely filing of a Form 706