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 ?
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).
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.
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.
Because of this relatively high filing threshold, gift tax data extracted from Federal gift tax returns provide a glimpse into the economic behavior of predominantly wealthy Americans.
The United States gift tax applies to all gifts made by U.
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.
If you've already passed that threshold, you still reduce the amount of gift tax you must pay.
Federal Estate and Gift Taxes Explained provides explanations of laws relating to federal estate, gift, and generation-skipping transfer taxes with an emphasis on preparing estate and gift tax returns.
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.