gift tax

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  • noun

Words related to gift tax

a tax imposed on transfers of property by gift during the lifetime of the giver

References in periodicals archive ?
By increasing the federal gift tax exemption from $1 million to $5 million, clients can pay higher premiums and thereby purchase increased life insurance, tax-free.
In this manner, even though the individuals would be making taxable gifts, no federal gift tax would be due as long as the transferor did not transfer gifts worth more than five million dollars during his life (Appendix E).
Only if you exceed the $12,000 limit per recipient do you need to file a federal gift tax return.
Federal tax law allows for a general accelerated gift option that permits individuals to average gifts over $12,000 per beneficiary ($24,000 for married couples based on 2006 levels) over a five-year period without getting socked with a Federal gift tax.
David Pratt of Pratt & Bucher, LLP, spoke at the Greater Fort Lauderdale Tax Council meeting; his speech was entitled "The Anatomy of the New Federal Gift Tax Return, Including a Review of the Gift Tax Statute of Limitations, Gift Splitting Provisions and Proposed Regulations Regarding the Election out of the Automatic Allocation of Generation-Skipping Transfer Tax Exemption.
Federal gift tax data provide a glimpse into the economic behavior of predominantly wealthy Americans.
Although such contributions are considered completed gifts for federal gift tax purposes, the annual exclusion of $10,000 per year per donee is more than sufficient to cover the annual maximum $500 contribution per donee (designated beneficiary).
According to the IRS, if a fan returns the ball to McGwire, the fan may be asked to pay a federal gift tax if the historic ball is determined to be valued at more than $625,000 - even if the fan doesn't get any money for it.
unsatisfactory and contributed to enactment of a federal gift tax in 1924
Each year, a donor may give $10,000 ($20,000 if a spouse joins the gift) per donee with no federal gift tax consequences.
This year, the Internal Revenue Service (IRS) allows taxpayers to give up to $13,000 (and married couples to give up to $26,000) to an unlimited number of individuals without owing federal gift tax.
The ultimate result of an incomplete gift is that the transfer is not subject to immediate federal gift tax (or use of the lifetime exemption), and the trust property is included in the grantor's taxable estate.
In the action on decision, the IRS reiterated its long-held position that "the final determination of value for federal gift tax purposes is an occurrence beyond the taxpayers' control.
The lifetime federal gift tax exclusion amount is currently $1 million, and it will remain at that level through 2010.
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