Help Required information [The following information applies to the questions di

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Help Required information [The following information applies to the questions displayed below In 2010 Casey made a taxable gift of $7.2 million to both Stephanie and Linda (ta total of $14 400 miion ntale g Calculate the amount of gift tax due this year and Casey's unused exemption equivalent under the folowng aternatives Refer to Exhibit 25-1 and Exhibit 25-2) b. This year Casey made a taxable gift of $7.2 million to Stephanie. Casey is not married, and the 2010 gift ws the only other gift he has ever made (Leave no answer blank. Enter zero if applicable. Enter your answers in doilers not millions of dollers Gift tax due Unused exemption equivalent

Explanation / Answer

This year Casey made a taxable gift of $7.2 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made.

Gift Tax Due is Nil (Because the Gift given is well with in the Life time exemption limit)

Unused Exemption Equivalent = Life time Exemption - Taxable gift to Stephanie

= $ 7.54Million - $ 7.2 Million

= $ 0.54 Million

Answer will be change if the othe gift will be part of the answer in question it is peovided but ask to calculate for the only for the gift to Stephanie and not for the gift to the linda.

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