IRC $2503$ Annual exclusion for a gift of $$10,000$ indexed $($$$11,000$ in $2002-2005,$ $$12,000$ in $2006-2008,$ $$13,000$ in $2009-2012,$ $$14,000$ in $2013-2017,$ $$15,000$ in $2018-2021,$ $$16,000$ in $2022,$ $$17,000$ in $2023$ and $$18,000$ in $2024)$ per donee. The gift must be a gift of present interest.

Problem $1.$

In December of $2021,$ Parker gave Karolina a gift of Shopify stock worth $$6,015,000.$ Calculate Parker$$s gift tax liability, if any. Make sure you show your calculations!

Total CY gross gifts

Less annual exclusions and deductions

Total taxable gifts

Calculate tentative tax on total taxable gifts

Less Unified Credit $($UC$)$

Current gift tax

Then in January of $2024,$ Parker gave Karolina a gift of Tesla stock worth $$8,518,000$ and a gift of Rivian stock worth $$9,418,000$ to Eddy. Calculate Parker$$s gift tax liability, if any. Make sure you show your calculations!

Total CY gross gifts

Less annual exclusions and deductions

Current taxable gifts

Plus total PYs taxable gifts

Total PY & CY taxable gifts

Calculate tentative tax on total taxable gifts

Less tentative tax payable on PYs taxable gifts

Tentative tax on CY taxable gifts

Less unused Unified Credit $($UC$)$

Current gift tax