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Which of the following statements is true regarding Laura, an individual taxpayer who dies in 2021 with a gross estate of $10,000,000?

a. No estate tax will be due if Laura has no prior year transfers.
b. For estates of any decedent passing away in calendar year 2020, the basic exclusion amount is $10,000,000.
c. Laura will owe estate tax because her estate is more than $5,000,000 in 2020.
d. Estate tax is due because $10,000,000 is less than Laura's basic exclusion amount.

Respuesta :

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Based on current tax laws, a. No estate tax will be due if Laura has no prior year transfers.

From the year 2018 to 2025:

  • Single taxpayer estates have a basic exemption of $11.58 million
  • Married taxpayer estates have a basic exemption of $22.36 million

This means that if Laura's estate made no transfers in prior years, her estate would be below the exemption amount of $11.58 million and there would be no estate tax.

In conclusion, there would be no estate tax.

Find out more on estate tax at https://brainly.com/question/971715.

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