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Requlred Information [The following information applles to the questions displayed below.] In 2010 Casey made a taxable glft of $6.2 million to both Stephanie and
Requlred Information [The following information applles to the questions displayed below.] In 2010 Casey made a taxable glft of $6.2 million to both Stephanie and Linda (a total of $12.4 million in taxable gifts). Calculate the amount of gift tax due this year and Casey's unused applicable credit under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars. Leave no answer blank. Enter zero if appllcable. This year Casey made a taxable gift of $1 million to Stephanle. Casey is not married, and the 2010 gift was the only other taxable gift has ever made. Answer is complete but not entirely correct. EXHIBIT 25-1 Unified Transfer Tax Rates* *The applicable credit and exemption are zero for estates that opted out of the estate tax in 2010. EXHIBIT 25-2 The Exemption Equivalent / Applicable Exclusinn Amount 2ne esture tax was optional for decedents dying in 2010. In lieu of the estate tax, executors coulo and exemption are zero for taxpayers who opt out of the estate tax in 2010. Required Informatlon [The following information applles to tha questions displayed below] In 2010 Casey made a taxable gift of $6.2 milion to both Stephanie and Linda (a total of $12.4 milion in taxable gifts). Calculate the amount of gift tax due this year and Casey's unused applicable credit under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers In dollars, not millions of dollars. Leave no answer blank. Enter zero if appllcable. This year Casey made a taxable gift of $16.2 million to Stephanle. Casey is not married, and the 2010 gift was the only other taxable Ift he has ever made
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