Based on the Unified Federal Estate and Gift Tax Rates table, the amount of your client's applicable credit used by the 2021 gifts only is <u>D) $11,080</u>.
<h3>What is the applicable gift tax credit?</h3>
The applicable credit allows a taxpayer to transfer a certain amount of assets during their life without incurring the gift tax.
The unified tax credit for a couple filing jointly for 2021 is $30,000. Based on the Unified Federal Estate and Gift Tax Rates table, the applicable credit for 2021 is $11,080 ($30,000 x 36.93%).
<h3>Data and Calculations:</h3>
Year Total Gifts to Son Total Gifts to Daughter Total Gifts
2014 $90,000 $70,000 $160,000
2021 $80,000 $100,000 $180,000
Applicable credit for 2021 = $30,000
Gift usage of the applicable credit = $11,080 ($30,000 x 36.93%)
<h3>Answer Options:</h3>
A) $16,320
B) $24,400
C) $58,800
D) $11,080
Thus, based on the Unified Federal Estate and Gift Tax Rates table, the amount of your client's applicable credit used by the 2021 gifts only is <u>D) $11,080</u>.
Learn more about tax credits at brainly.com/question/2142559
