2. Assume that prior to death Spencer and Sara both created a credit shelter trust calling for the surviving spouse to be the income beneficiary and their children to be the recipient of the...

2. Assume that prior to death Spencer and Sara both created a credit shelter trust calling for the surviving spouse to be the income beneficiary and their children to be the recipient of the principal. The principal of the trust is equal to the applicable exclusion amount. Determine the estate tax to be paid by both Spencer and Sara assuming that Sara’s gross estate at the date of her death was $11,400,000 including the assets inherited from Spencer.