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Required information [The following information applies to the questions displayed below.] In 2010 Casey made a taxable gift of $6.8 million to both Stephanie and

Required information

[The following information applies to the questions displayed below.] In 2010 Casey made a taxable gift of $6.8 million to both Stephanie and Linda (a total of $13.6 million in taxable gifts). Calculate the amount of gift tax due this year and Caseys 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.)

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

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