Test $-$ Senior Tax Analyst Certification Test $(2025)$

Estate and Gift Tax

Question $74$ of $75.$

In $2022,$ Annika gave a $$34,000$ taxable gift $($after the application of any relevant annual exclu reported the gift on a gift tax return, but paid no tax because she had not yet exceeded her

Annika died. Her estate was subject to the estate tax.

How will the $2022$ gift affect Annika's $2024$ estate tax return?

The total amount that the estate can pass on tax$-$free is reduced by $$34,000.$

Tommy must file a gift tax return in $2024.$

Annika's estate will be subject to the generation$-$skipping transfer tax.

A $$34,000$ credit will be applied on the estate's Form $706.$

Mark for follow up