Which of the following statements most accurately describes the estate tax concept of portability A: It...
Which of the following statements most accurately describes the estate tax concept of portability
A: It automatically applies to the surviving spouse when the first spouse dies
B: The surviving spouse is able to use her/his full exemption, plus the amount of the exemption not used by her/his deceased spouse
C: If the surviving spouse remarries, she/he may use all of the unused exemption from all prior spouses.
D: The portability provision replaced the unlimited marital deduction
Homework Answers
Concept of portability can be defined as:
The amount of the exemption that was not used for the deceased spouse's estate may be transferred to the surviving spouse's exemption so that he or she can use the deceased spouse's unused exemption plus his or her own exemption when the surviving spouse later dies.
Thus the answer is:
B: The surviving spouse is able to use her/his full exemption, plus the amount of the exemption not used by her/his deceased spouse
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