37 : Chapter 25 Saved Help Save & ExitSubmit Check my work Required information The following information applies to the questions displayed below.) 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 1 and Exhibit 25-2.) (Enter your answers in dollars, not millions of dollars. Leave no alternatives. (Refer to Exhibit 25-1 and answer blank. Enter zero if applicable.) your answers made a gift worth $15 million to Stephanie. Casey is married to Helen in a common law state, and the 2010 gift was the only other taxable gift he or Helen has ever made. Casey and Helen elect to gift split. es 0 Casey's gift tax due Casey's unused exemption equivalent Helen's gift tax due Helen's unused exemption equivalent 0 EXHIBIT 25-2 The Exemption Equivalent Year of Transfer Gift Tax Estate Tax S 500,000 S 500,000 600,000 625,000 650,000 675.000 1.000.000 1.500.000 1.000.000 2.000.000 3,500.000 5.000.000 5.120.000 5,250,000 5,340,000 5,430.000 5,450,000 5,490.0005,490,000 11,180,000 11.180,000 1986 1987-1997 600,000 1998 625.000 1999 650.000 675.000 1,000.000 1.000.000 2000-2001 2002-2003 2004-2005 2006-2008 2009-201 0 1,000.000 2011 2012 2013 2014 2015 2016 2017 2018 5.000.000 5.120.000 5.250,000 5,340.000 5.340 5.430,000 5.450,000 The applicable credit and exemption is zero for taxpayers who opt out of the estate tax in 2010 EXHIBIT 25-1 Unified Transfer Tax Rates* Tax Base Equal to or Over Not Over Tentative Tax Plus of Amount Over 0 10,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 500,000 750,000 1,000,000 $ 10,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 500,000 750,000 1,000,000 18% 20 0 1,800 3,800 8,200 13,000 18,200 23,800 38,800 70,800 155,800 248,300 345,800 0 10,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 24 26 28 30 32 34 37 39 40 500,000 750,000 1,000,000 The applicable credit and exemption is zero for estates that opted out of the estate tax In 2010 37 : Chapter 25 Saved Help Save & ExitSubmit Check my work Required information The following information applies to the questions displayed below.) 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 1 and Exhibit 25-2.) (Enter your answers in dollars, not millions of dollars. Leave no alternatives. (Refer to Exhibit 25-1 and answer blank. Enter zero if applicable.) your answers made a gift worth $15 million to Stephanie. Casey is married to Helen in a common law state, and the 2010 gift was the only other taxable gift he or Helen has ever made. Casey and Helen elect to gift split. es 0 Casey's gift tax due Casey's unused exemption equivalent Helen's gift tax due Helen's unused exemption equivalent 0 EXHIBIT 25-2 The Exemption Equivalent Year of Transfer Gift Tax Estate Tax S 500,000 S 500,000 600,000 625,000 650,000 675.000 1.000.000 1.500.000 1.000.000 2.000.000 3,500.000 5.000.000 5.120.000 5,250,000 5,340,000 5,430.000 5,450,000 5,490.0005,490,000 11,180,000 11.180,000 1986 1987-1997 600,000 1998 625.000 1999 650.000 675.000 1,000.000 1.000.000 2000-2001 2002-2003 2004-2005 2006-2008 2009-201 0 1,000.000 2011 2012 2013 2014 2015 2016 2017 2018 5.000.000 5.120.000 5.250,000 5,340.000 5.340 5.430,000 5.450,000 The applicable credit and exemption is zero for taxpayers who opt out of the estate tax in 2010 EXHIBIT 25-1 Unified Transfer Tax Rates* Tax Base Equal to or Over Not Over Tentative Tax Plus of Amount Over 0 10,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 500,000 750,000 1,000,000 $ 10,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 500,000 750,000 1,000,000 18% 20 0 1,800 3,800 8,200 13,000 18,200 23,800 38,800 70,800 155,800 248,300 345,800 0 10,000 20,000 40,000 60,000 80,000 100,000 150,000 250,000 24 26 28 30 32 34 37 39 40 500,000 750,000 1,000,000 The applicable credit and exemption is zero for estates that opted out of the estate tax In 2010