[The following information applies to the questions displayed below.]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 $1 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gifthe has ever made.Gift tax due$Unused exemption equivalent EXHIBIT 25-2 The Exemption EquivalentYear of TransferGift TaxEstate Tax1986$500,000$500,000EXHIBIT 25-1 Unified Transfer Tax Rates*1987–1997600,000600,000Tax Base Equal to or OverNot OverTentative TaxPlusof Amount Over1998625,000625,000$$10,000$18%$ 01999650,000650,00010,00020,0001,8002010,0002000–2001675,000675,00020,00040,0003,8002220,0002002-20031,000,0001,000,00040,00060,0008,2002440,0002004-20051,000,0001,500,00060,00080,00013,0002660,0002006-20081,000,0002,000,00080,000100,00018,2002880,0002009-2010*1,000,0003,500,000100,000150,00023,80030100,00020115,000,0005,000,000150,000250,00038,80032150,00020125,120,0005,120,000250,000500,00070,80034250,00020135,250,0005,250,000500,000750,000155,80037500,00020145,340,0005,340,000750,0001,000,000248,30039750,00020155,430,0005,430,0001,000,000345,800401,000,00020165,450,0005,450,000*The applicable credit and exemption are zero for estates that opted out of the estate tax in 2010.20175,490,0005,490,000201811,180,00011,180,000201911,400,00011,400,000202011,580,00011,580,000202111,700,00011,700,000*The applicable credit and exemption are zero for taxpayers who opt out of the estate tax in 2010.

Amount of gift tax in 2010 = 345800 + (11400000-1000000) x 40%= 345800+4160000 = 4505800 unused…

[The following information applies to the questions displayed below.] 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

[The following information applies to the questions displayed below.] 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

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 26P

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