The Estate Tax Formula (2of3) Taxable estate is gross estate minus deductions All taxable gifts made after 1976, other than gifts included in gross estate are added to taxable estate Gifts valued at date-of-gift values Sum of two amounts is tax base4 The Estate Tax Formula (2 of 3) Taxable estate is gross estate minus deductions All taxable gifts made after 1976, other than gifts included in gross estate, are added to taxable estate Gifts valued at date-of-gift values Sum of two amounts is tax base