Which one of the following statements is not true concerning the estate tax applicable credit amount?
A)The applicable estate tax credit amount can offset a tax up to $1,772,800 in 2012.
B)The applicable estate tax credit amount is a lifetime credit.
C)The applicable estate tax credit amount can be used to offset gift taxes and estate taxes.
D)Use of the applicable estate tax credit amount is mandatory if one makes a taxable gift.
E)The entire applicable estate tax credit amount can be used in more than one taxable year to offset additional tax.

Question

Quizplus · Accepted Answer

The applicable estate tax credit amount is a lifetime credit and cannot be used in more than one taxable year to offset additional tax. Once it is used, it is reduced by the amount used and cannot be reused.

Which One of the Following Statements Is Not True Concerning