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Calculate the amount of gift tax due the year

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Problem 1: In 2010 Casey made a taxable gift of $5.8 million to both Stephanie and Linda (a total of $11.6 million in taxable gifts). Calculate the amount of gift tax due this year and Casey's unused exemption equivalent under the following alternatives.

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.

Reference no: EM132988496

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