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 ?
The trust also set aside over $1 million for charity under IRC Section 642(c), which allows funds to be permanently earmarked for eventual distribution to charity--and, therefore, renders them unavailable to pay gift taxes.
Payments made directly for medical or educational bills are not considered gifts for gift tax purposes, and therefore are not subject to gift taxes (the funds should be paid to the provider of medical services or the educational institution, not to the donee).
Regardless of income levels, a donor may contribute $12,000 per year, per beneficiary, or $60,000 in a single five-year period ($120,000 for married couples) without triggering gift taxes.
Typically, a net gift results when the donee agrees, as a condition of the gift, to pay gift taxes on the transfer.
Between now and the end of the decade, the exemption amounts for the estate and gift taxes, currently combined through a unified system of taxation, will increase to $3.
Willet and Betty had elected to be jointly and severally liable for the gift taxes under IKC sections 2513(a) and (d).
Assuming the gift taxes are filed in 2002 the tax on the first $1 million (with a unified credit of $345,800) is subtracted from the tentative tax to arrive at a tax due.
The proposed plan to integrate inheritance and gift taxes calls for harmonizing rates and brackets of both taxes, so that inheritance tax deductions can be used for the gift tax as well, the members said.
The entire proceeds pass to your heirs free of further estate and gift taxes.
With a family loan, the individual providing the money should be sure to charge an interest rate that reflects a fair market value, or the loan may become subject to federal gift taxes.
There is a lifetime exemption from gift taxes of up to $1 million, but use of this exemption also counts against the estate tax exemption ($2 million in 2008).
IRC Section 2035(b), also known as the "gross-up rule," increases the value of an estate by the amount of any gift taxes that the decedent or the decedent's estate pays within three years of death.
Not only are there no gift taxes on gifts of up to $13,000 per year, as indexed in 2009 and 2010 for inflation, to any one individual, but the value of the gift and all subsequent appreciation on the gift are removed from the donor's taxable estate.
According to the dissents, this interpretation was wrong because the regulations did not say "federal income tax purposes," and the regulation drafters could have specifically excluded federal gift taxes from the scope of the regulations had that been their intent.
Obtaining the treatment for defective grantor trusts described in Situations 1 and 3 is very desirable because it enables a grantor to make "economic gifts" to a trust beneficiary without subjecting these "gifts" to gift taxes.