For the year 2014, which amount represents estates that are generally not subject to federal estate taxes?

The amount representing estates that are generally not subject to federal estate taxes for the year 2014 is 5.34 million. This figure is significant as it aligns with the federal estate tax exemption limit established by the IRS for that year. The exemption amount is the threshold below which an estate is not liable for federal estate taxes, meaning that estates valued at or below this amount do not need to pay any federal estate taxes at the time of the decedent's death.

For 2014, the federal estate tax exemption was set at $5.34 million. Estates valued above this exemption limit would be subject to the federal estate tax rates, which can be quite substantial. Thus, knowing the exemption threshold is crucial for individuals planning their estates, as it helps determine whether their assets will be taxed upon death and guides estate planning strategies to minimize tax liabilities.

In contrast, the other options provided reflect values that are below the exemption threshold. Estates valued at those lesser amounts would often still be considered within the realm of federal estate tax calculations, as they fall below what is needed to be exempt from such taxes altogether. Understanding the exemption limit is essential for effective estate planning and ensuring that individuals and their heirs are adequately prepared for any potential tax liabilities.