SWFT Corp Partner Estates Trusts
42nd Edition
ISBN: 9780357161548
Author: Raabe
Publisher: Cengage
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am.700.
Transcribed Image Text: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. (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.
Gift tax due
Unused exemption equivalent
$
0
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