Final answer:
The Unified Credit for gift and estate taxes in 2018 shelters an estate of $11,200,000 or less from taxes, due to the Tax Cuts and Jobs Act which increased the threshold.
Step-by-step explanation:
The question concerns the Unified Credit for gift and estate taxes for the year 2018 and which estate value it fully shelters from those taxes. In 2018, the Tax Cuts and Jobs Act increased the basic exclusion amount significantly. The correct answer for the Unified Credit applicable in 2018 is that it shelters an estate of $11,200,000 or less from gift and estate taxes. This means that for someone who passed away in 2018, their estate would not be subject to federal estate tax if its value was $11,200,000 or less. This high threshold signifies that only a small percentage of estates would be subject to the estate tax, focusing primarily on those with substantial wealth.