Calculate the amount of gift tax

Reference no: EM131924075

Question: 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 alternatives

b. This year Casey made a taxable gift of $5 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made.

Gift Tax Due: ____

c. This year Casey made a gift worth $5 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.

Casey's Unused Exemption equivalent:____

Helens's Unused Exemption Equivalent:_____

Reference no: EM131924075

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