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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 ...
The United States Tax Court ruled that the petitioner, Susie Salvatore, was taxable on all of the gain realized on the sale of the gas station. The Tax Court ruled that this decision was subject to the precedent set in the Supreme Court case of Commissioner v. Court Holding Co., in which the Supreme Court stated:
This allows a minor in the United States to have property set aside for the minor's benefit and may achieve some income tax benefit for the child's parents. Once the child reaches the age of maturity (18 or 21 depending on the state), the assets become the property of the child and the child can use them for any purpose.
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."
Transferring property out of a trust after the trustor’s death is a multistep process in which the trustee fills out deed documentation, identifies mortgages and transfers ownership to the ...
The baby boomers are currently handing down more than $53 trillion to their heirs in one of the greatest transfers of generational wealth in history. Here: 10 Places To Live Abroad So Cheap You ...
The presumption of advancement is a legal presumption which arises in various common law jurisdictions in relation to the transfers of money or other property. Broadly, the presumption states that where a husband transfers property to his wife, or a father to his child or someone to whom he has assumed parental responsibility, then in the absence of other evidence the court will presume that ...
If you live in the property you’re flipping for at least two years before you sell it, up to $250,000 of the profit is tax-free if you’re single, and $500,000 in profit is tax-free if you’re ...