In 2010 Casey made a taxable gift of $7.3 million to both Stephanie and Linda (a total
Question:
In 2010 Casey made a taxable gift of $7.3 million to both Stephanie and Linda (a total of $14.6 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. b. This year Casey made a taxable gift of $17.3 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made.b. This year Casey made a taxable gift of $17.3 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made.c. This year Casey made a gift worth $17.3 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.
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson