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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."
The donee must accept the gift in order for the property transfer to take place. [1] However, because people generally accept gifts, acceptance will be presumed, so long as the donee does not expressly reject the gift. [2] A rejection of the gift destroys the gift, so that a donee cannot revive a once-rejected gift by later accepting it.
Mohawk Metal Corporation later deducted the value of the car as a business expense, but Duberstein did not include the value of the Cadillac in his gross income when he filed his tax return, deeming it a gift. The Commissioner asserted a deficiency for the car's value against Duberstein. The Tax court affirmed.
A woman accepted a car from her parents, and now her husband is furious. She explained the dilemma on Reddit's "Am I the A******" forum. She and her husband have three children between one and ...
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For example, in Arizona, the family purpose doctrine is applied very broadly and holds parents liable even for the negligence of a child driving a motor vehicle in defiance of driving restrictions placed upon him. [10] In Georgia, the 'family purpose' liability extends to third parties allowed by the teenage driver to operate the car.
According to a document from the Congressional Research Service gifts from foreign governments aren't actually property of the president. The document states: 'A tangible gift of more than minimal ...