In 2010 Casey made a taxable gift of $6.1 million to both Stephanie and Linda (a total of $12.2 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.

In 2010 Casey made a taxable gift of $6.1 million to both Stephanie and Linda (a total of $12.2 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.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 5BCRQ

See similar textbooks

Similar questions

How much taxable income should each of the following taxpayers report? a. Kimo builds custom surfboards. During the current year, his total revenues are 90,000, and he incurs 30,000 in expenses. Included in the 30,000 is a 10,000 payment to Kimos five-year-old son for services as an assistant. b. Manu gives hula lessons at a local bar. During the current year, she receives 9,000 in salary and 8,000 in tips. In addition, she engages in illegal behavior, for which she receives 10,000.
In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 million in taxable gifts). Required: 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
n 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 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.) Note: 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.
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 (a total of $14.4 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.) Note: 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 S 0 Unused applicable credit
Required information [The following information applies to the questions displayed below.] In 2010 Casey made a taxable gift of $5.9 million to both Stephanie and Linda (a total of $11.8 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.) Note: Enter your answers in dollars, not millions of dollars. Leave no answer blank. Enter zero if applicable. c. This year Casey made a gift worth $15.9 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. Casey's gift tax due $ Casey's unused applicable credit Helen's gift tax due $ 0 Helen's unused applicable credit
In 2010 Casey made a taxable gift of $6.0 million to both Stephanie and Linda (a total of $12.0 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.) My 3 questions are below the Exhibits XHIBIT 25-1 Unified Transfer Tax Rates* Tax Base Equal to or Over Not Over Tentative Tax Plus of Amount Over $ 0 $10,000 $ 0 18% $ 0 10,000 20,000 1,800 20 10,000 20,000 40,000 3,800 22 20,000 40,000 60,000 8,200 24 40,000 60,000 80,000 13,000 26 60,000 80,000 100,000 18,200 28 80,000 100,000 150,000 23,800 30 100,000 150,000 250,000 38,800 32 150,000 250,000 500,000 70,800 34 250,000 500,000 750,000 155,800 37 500,000 750,000 1,000,000 248,300 39 750,000 1,000,000 345,800 40 1,000,000 *The applicable credit and exemption are zero for estates that opted out of the estate tax in 2010. XHIBIT 25-2 The Exemption…
Marc's income this past year included a salary of $170 000 and $4000 from selling some stock from his TFSA account. Marc also contributed $30,000 to an RRSP. 1) Calculate Marc's total taxable income. Marc's total taxable income is (Your answer should be accurate to a whole number) i) Calculate the amount of taxes that Marc owes Federal government. Marc owes the Federal government $ (Your answer should be accurate to a whole number) ) Calculate the amount of taxes that Marc owes the Quebec government. Marc owes the Quebec government (vour answer should be accurate to a whole number) iv) Calculate Marc's total tax payable. Marc's total tax payable Your answer should be accurate to a whole number) Check