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A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."
Section 1353: Travel expenses and expense of transporting remains of officers and employees dying outside of United States Section 1353a: Officers and employees; overtime services; extra compensation; length of working day Section 1353b: Extra compensation; payment Section 1353c: Immigration officials; service in foreign contiguous territory
The first edition of the United States Code (published as Statutes at Large Volume 44, Part 1) includes cross-reference tables between the USC and two of these unofficial codes, United States Compiled Statutes Annotated by West Publishing Co. and Federal Statutes Annotated by Edward Thompson Co.
Carryover basis, also referred to as a transferred basis, applies to inter vivos gifts and transfers in trust. [1] Generally, a taxpayer's basis in property is the cost to acquire the property. [2] However, there is an exception for inter vivos gifts and transfers in trust. [1]
The fiscal year 2014 budget called for returning the estate tax exclusion, the generation-skipping transfer tax and the gift-tax exemption to the 2009 level, $3.5 million, in 2018. [45] The exemption amounts set by the Tax Cuts and Jobs Act of 2017 , $11,180,000 for 2018 and $11,400,000 for 2019 again have a sunset and will expire 12/31/2025
Interest expense on certain home loans [41] Gifts of money or property to qualifying charitable organizations, subject to certain maximum limitations, [42] Losses on non-income-producing property due to casualty or theft, [43] Contribution to certain retirement or health savings plans (U.S. and UK), [44] Certain educational expenses. [45]
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...
Chapter 25: National Commission on Electronic Fund Transfers; Chapter 26: Disposition of Abandoned Money Orders and Traveler's Checks; Chapter 27: Real Estate Settlement Procedures; Chapter 28: Emergency Mortgage Relief; Chapter 29: Home Mortgage Disclosure; Chapter 30: Community Reinvestment; Chapter 31: National Consumer Cooperative Bank