Question
In 2010 Casey made a taxable gift of $7.2 million to both Stephanie and Linda (a total of $14.4 million in taxable gifts). Calculate the
In 2010 Casey made a taxable gift of $7.2 million to both Stephanie and Linda (a total of $14.4 million in taxable gifts). Calculate the amount of gift tax due this year and Caseys unused exemption equivalent under the following alternatives.
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.
What is the Unused Exemption Equivalent?
b. This year Casey made a taxable gift of $17.2 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made.
What is the Gift Tax Due?
c. This year Casey made a gift worth $17.2 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.
What is Casey's unused exemption equivalent?
What is Helen's unused exemption equivalent?
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