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
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
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 5BCRQ
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I need help with unsed exemption equivalent
Transcribed Image Text:In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 million in taxable gifts).
Required:
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.)
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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