gift tax


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Related to gift tax: inheritance tax, Form 709

gift tax

n
(Banking & Finance) another name for (the former) capital transfer tax
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.gift tax - a tax imposed on transfers of property by gift during the lifetime of the giver
revenue enhancement, tax, taxation - charge against a citizen's person or property or activity for the support of government
References in periodicals archive ?
At the 2016 IRS Representation Conference, one panel covered gift tax returns and the dangers they pose to unwary CPAs and taxpayers.
This research note deals with gift tax development in the Czech Republic in relation to a long-discussed abolition of this tax.
In 2014, the annual gift tax exclusion amount is $14,000.
Is a gift tax deduction allowed for gifts to charity?
It increases the lifetime gift tax exclusion from $1 million (as it had been since 2002) to a full $5 million for 2011 and 2012.
For instance, in 2010, the maximum annual gift tax exclusion amount is $13,000 per person.
The Tax Court agreed with the IRS that gift tax of approximately $10 million resulting from the gift of qualified terminable interest property (QTIP) by a decedent within three years before her death was includible in her gross estate under IRC [section] 2035(b).
Making gifts on a regular basis is an estate planning tool which can reduce estate taxes while avoiding gift tax liability.
A May 8, 2009, Interim Guidance Memorandum SBSE-04-0509-009 on preparer penalty procedures for estate and gift tax cases was issued by the IRS Small Business/Self-Employed Division.
3, the AICPA testified before the Senate Finance Committee on issues related to simplifying the planning associated with the estate and gift tax, including the re-unification of the estate and gift tax exemption amounts.
For gift tax purposes, a gift can be broadly defined to include a sale, exchange, or other transfer of property from one person (the donor) to another (the donee) without adequate and full consideration in money or money's worth.
By using an IDGT, the grantor (transferor of the assets) is taxed on the income earned by the trust, without incurring a gift tax on the payment of the beneficiary's income taxes.