Identify the correct option out of the given statements..

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Chapter 19, Problem 17P

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Identify the correct option out of the given statements..

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Please help answer a, b, c 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 $15.6 million to Ste c. This year Casey made a gift worth $15.6 million to Stephanie. Casey married Helen last year, and they live in a common-law state. The 2010 gift was the only other taxable gift Casey or Helen has ever made. Casey and Helen elect to gift-split this year.

Banele had a taxable estate of $17.3 million when they died this year. Calculate the amount of estate tax due (if any) under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars and not in millions of dollars. a. Banele's prior taxable gifts consist of a taxable gift of $1 million in 2005. Estate tax due b. Banele's prior taxable gifts consist of a taxable gift of $1.5 million in 2005. Estate tax due

Determine the correct value for each of the following questions:1. Assuming that a single person has made taxable lifetime gifts of $1.2 million, what is the largest taxable estate that could exist and still not incur any estate tax?2. Helen made separate lifetime taxable gifts of $ 1.5 million and died leaving her entire $10 million estate to her husband George. George had made taxable gifts of $856,000 prior to Helen’s death. In the year following her death, George made gifts of $50,000 to each of their four children. George died shortly after making the gifts leaving a taxable estate of $12 million, including the intact $10 million inherited from Helen. What is the net estate tax due on George’s estate, assuming that the executor of Helen’s estate elected to transfer any unused unified credit to George?3. Given the facts in item (2) above, now assume that Helen had established a credit shelter trust in the amount of $3,840,000 for the benefit of her husband George, which is excluded…