In 2010 Casey made a taxable gift of $6.9 million to both Stephanie and Linda (a total of $13.8 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.)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 - $0Unused applicable credit - ?b. This year Casey made a taxable gift of $16.9 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 applicable credit - $0c. This year Casey made a gift worth $16.9 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 - $0Casey's unused applicable credit - ?Helen's gift tax due - $0Helen's unused applicable credit - ? EXHIBIT 25-1 Unified Transfer Tax Rates*Tax Base Equal to or OverNot OverTentative TaxPlusof Amount Over$ 0$10,000$ 018%$ 010,00020,0001,8002010,00020,00040,0003,8002220,00040,00060,0008,2002440,00060,00080,00013,0002660,00080,000100,00018,2002880,000100,000150,00023,80030100,000150,000250,00038,80032150,000250,000500,00070,80034250,000500,000750,000155,80037500,000750,0001,000,000248,30039750,0001,000,000345,800401,000,000 EXHIBIT 25-2 The Exemption Equivalent /Applicable Exclusion AmountYear of TransferGift TaxEstate Tax1986$500,000$500,0001987 1997600,000600,0001998625,000625,0001999650,000650,0002000 2001675,000675,0002002 20031,000,0001,000,0002004 20051,000,0001,500,0002006 20081,000,0002,000,0002009 2010*1,000,0003,500,00020115,000,0005,000,00020125,120,0005,120,00020135,250,0005,250,00020145,340,0005,340,00020155,430,0005,430,00020165,450,0005,450,00020175,490,0005,490,000201811,180,00011,180,000201911,400,00011,400,000202011,580,00011,580,000202111,700,00011,700,000202212,060,00012,060,000202312,920,00012,920,000202413,610,00013,610,000

Exhibit Data Used2024 Exclusion Amount: $13.61 million (Gift Tax and Estate Tax exclusion).Exhibit…

EXHIBIT 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 EXHIBIT 25-2 The Exemption Equivalent /Applicable Exclusion Amount Year of Transfer Gift Tax Estate Tax 1986 $500,000 $500,000 1987 1997 600,000 600,000 1998 625,000 625,000 1999 650,000 650,000 2000 2001 675,000 675,000 2002 2003 1,000,000 1,000,000 2004 2005 1,000,000 1,500,000 2006 2008 1,000,000 2,000,000 2009 2010* 1,000,000 3,500,000 2011 5,000,000 5,000,000 2012 5,120,000 5,120,000 2013 5,250,000 5,250,000 2014 5,340,000 5,340,000 2015 5,430,000 5,430,000 2016 5,450,000 5,450,000 2017 5,490,000 5,490,000 2018 11,180,000 11,180,000 2019 11,400,000 11,400,000 2020 11,580,000 11,580,000 2021 11,700,000 11,700,000 2022 12,060,000 12,060,000 2023 12,920,000 12,920,000 2024 13,610,000 13,610,000

EXHIBIT 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 EXHIBIT 25-2 The Exemption Equivalent /Applicable Exclusion Amount Year of Transfer Gift Tax Estate Tax 1986 $500,000 $500,000 1987 1997 600,000 600,000 1998 625,000 625,000 1999 650,000 650,000 2000 2001 675,000 675,000 2002 2003 1,000,000 1,000,000 2004 2005 1,000,000 1,500,000 2006 2008 1,000,000 2,000,000 2009 2010* 1,000,000 3,500,000 2011 5,000,000 5,000,000 2012 5,120,000 5,120,000 2013 5,250,000 5,250,000 2014 5,340,000 5,340,000 2015 5,430,000 5,430,000 2016 5,450,000 5,450,000 2017 5,490,000 5,490,000 2018 11,180,000 11,180,000 2019 11,400,000 11,400,000 2020 11,580,000 11,580,000 2021 11,700,000 11,700,000 2022 12,060,000 12,060,000 2023 12,920,000 12,920,000 2024 13,610,000 13,610,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 26P

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EXHIBIT 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, EXHIBIT 25-2 The Exemption Equivalent Year of Transfer Gift Tax Estate Tax 1986 $500,000 $500,000 1987–1997 600,000 600,000 1998 625,000 625,000 1999 650,000 650,000 2000–2001 675,000 675,000 2002–2003 1,000,000 1,000,000 2004–2005 1,000,000 1,500,000 2006–2008 1,000,000 2,000,000 2009–2010* 1,000,000 3,500,000 2011 5,000,000 5,000,000 2012 5,120,000 5,120,000 2013 5,250,000 5,250,000 2014 5,340,000 5,340,000 2015…
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d cion The table given below shows the absolute tax amounts under five different tax policies for respective income levels. Table 19.2 Annual Pretax Income Tax Policy Alpha O Gamma. Alpha. SO $0 $0 $0 $0 $10,000 $1,000 $1,000 $1,000 $1,000 $1,000 $50,000 $5,000 $6,000 $4,000 $1,000 $900 $100,000 $10,000 $15,000 $6,000 $1,000 $800 Beta. O Eta. Refer to Table 19.2. The tax structure which leads to maximum income inequality is: Delta. Tax Policy Beta Question 18 Tax Policy Gamma 27 Tax Policy Delta Tax Policy Eta $0 tv 9 N 4.nts. N
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