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Required information Problem 14-49 (LO 14-2) [The following information applies to the questions displayed below.] Part 2 of 3 In 2010 Casey made a taxable
Required information Problem 14-49 (LO 14-2) [The following information applies to the questions displayed below.] Part 2 of 3 In 2010 Casey made a taxable gift of $5 million to both Stephanie and Linda (a total of $10 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.) points Problem 14-49 Part b Print b. This year Casey made a taxable gift of $15 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 EXHIBIT 25-1 Unified Transfer Tax Rates * Tentative Tax Plus of Amount Over 18% $ 0 Tax Base Equal to or Over $ 0 10,000 20,000 Not Over $10,000 20,000 40,000 $ 0 1,800 20 10,000 3,800 22 20,000 60,000 8,200 24 40,000 26 28 40,000 60,000 80,000 100,000 150,000 250,000 500,000 80,000 100,000 150,000 250,000 500,000 750,000 1,000,000 13,000 18,200 23,800 38,800 30 60,000 80,000 100,000 150,000 250,000 500,000 32 70,800 34 155,800 37 39 750,000 248,300 750,000 1,000,000 345,800 40 1,000,000
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