Question
In 2010 Casey made a taxable gift of $6.4 million to both Stephanie and Linda (a total of $12.8 million in taxable gifts). Calculate the
In 2010 Casey made a taxable gift of $6.4 million to both Stephanie and Linda (a total of $12.8 million in taxable gifts). Calculate the amount of gift tax due this year and Casey's unused exemption equivalent under the following alternatives. (Refer toExhibit 25-1andExhibit 25-2.)(Enter your answers in dollars, not millions of dollars. Leave no answer blank. Enter zero if applicable.)
a.This year Casey made a taxable gift of $1 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made.
Gift Tax Due:
Unused exemption equivalent:
b.This year Casey made a taxable gift of $16.4 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made.
Gift Tax Due:
Unused exemption equivalent:
c.This year Casey made a gift worth $16.4 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:
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