Distribution of estate, taxable estate, and the resulting tax. Determine the correct value for each of the following questions: 1. Assuming that a single person has made taxable lifetime gifts of $1.2...

Distribution of estate, taxable estate, and the resulting tax. Determine the correct value for each of the following questions:

1. Assuming that a single person has made taxable lifetime gifts of $1.2 million, what is the largest taxable estate that could exist and still not incur any estate tax?

2. Helen made separate lifetime taxable gifts of $ 1.5 million and died leaving her entire $10 million estate to her husband George. George had made taxable gifts of $856,000 prior to Helen’s death. In the year following her death, George made gifts of $50,000 to each of their four children. George died shortly after making the gifts leaving a taxable estate of $12 million, including the intact $10 million inherited from Helen. What is the net estate tax due on George’s estate, assuming that the executor of Helen’s estate elected to transfer any unused unified credit to George?