Mary is John’s surviving spouse. He used $450,000 of his gift and estate tax exclusion

QUESTION

Mary is John’s surviving spouse. He used $450,000 of his gift and estate tax exclusionfor his lifetime gifts and his estate used $2,300,000 of his estate tax exclusion in closinghis estate. What is Mary’s estate tax exclusion when she dies if she and John elected togift split on all taxable gifts.

ANSWER:

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