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 applicable credit under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) a. This year Casey made a taxable […]
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