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Check my work ! Required information [The following information applies to the questions displayed below.] In 2010 Casey made a taxable gift of $6.9 million
Check my work ! Required information [The following information applies to the questions displayed below.] In 2010 Casey made a taxable gift of $6.9 million to both Stephanie and Linda (a total of $13.8 million in taxable gifts). Calculate the amount of gift tax due this year and Casey's unused exemption equivalent under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) (Enter your answers in dollars, not millions of dollars. Leave no answer blank. Enter zero if applicable.) c. This year Casey made a gift worth $16.9 million to Stephanie. Casey is married to Helen in a common-law state, and the 2010 gift was the only other taxable gift he or Helen has ever made. Casey and Helen elect to gift split. Casey's gift tax due Casey's unused exemption equivalent Helen's gift tax due Helen's unused exemption equivalent EXHIBIT 25-1 Unified Transfer Tax Rates* Not Over Tentative Tax Plus of Amount Over $10,000 $ 0 18% $ 0 10,000 20,000 1,800 20 Tax Base Equal to or Over $ 0 10,000 20,000 40,000 60,000 80,000 22 24 26 28 40,000 60,000 80,000 100,000 150,000 250,000 500,000 750,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 30 3,800 8,200 13,000 18,200 23,800 38,800 70,800 155,800 248,300 345,800 100,000 150,000 32 250,000 34 500,000 37 500,000 1,000,000 39 750,000 1,000,000 750,000 1,000,000 40 *The applicable credit and exemption are zero for estates that opted out of the estate tax in 2010
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