gift tax

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Related to gift tax: inheritance tax, Form 709

gift tax

(Banking & Finance) another name for (the former) capital transfer tax

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Noun

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

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References in periodicals archive ?

The same ceilings apply to the federal gift tax, which offsets the estate tax.

More give in the gift tax

At the 2016 IRS Representation Conference, one panel covered gift tax returns and the dangers they pose to unwary CPAs and taxpayers.

Gift tax returns & IRS examination: challenges and pitfalls for practitioners

This research note deals with gift tax development in the Czech Republic in relation to a long-discussed abolition of this tax.

Gift tax and its incorporation into the income tax

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.

Clawback of the gift tax

For instance, in 2010, the maximum annual gift tax exclusion amount is $13,000 per person.

How to smartly give away assets during your lifetime

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).

Gift tax on QTIP transfer included in gross estate

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.

Guidance: return preparer penalties

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.

AICPA submits comments, testifies on alternatives to federal estate tax system

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.