Calvin is an 85 year old single taxpayer who is in the 39.6% federal income tax bracket. As part of his estate planning strategy, he gifted General Electric Corporation bonds to his 30 year old grandson, Casey, who is single and in the 25% federal income tax bracket. Calvin owned the bonds for 5 years and had a basis of $200,000 in the bonds. The bonds pay $5,000 of interest semiannually on March 1 and September 1. Calvin gifted the bonds to Casey on March 1, 2016, immediately after Calvin received the March 1, 2016 interest payment. On September 30, 2016, Casey sold the bonds for $210,000 and used the sales proceeds to buy his first home. What amount of family federal income tax savings is achieved in 2016 as a result of this gift? Please show your work and explain your calculations.