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The basis of the property transferred must be allocated between that portion considered a sale and that considered a gift, which may trigger income or capital gain to the donor.
In 1999, Burke reported receiving gifts including a leather travel bag and a knit top, an ``African Ceremonies'' gift book set, a steak and lobster dinner, and tickets to the Grammys, Mercedes Cup tennis finals, Radio City Christmas show and the Rose Bowl.
The above examples, revealing the ulterior, self-interested motives of gift-giving, invite us to examine the politics of gift occasions involving the queen.
Waits' focus on gift giving has both strengths and weaknesses.
For example, if a donor desired to benefit 20 of his or her closest friends and family, he or she could gift (and, thus, remove from his or her estate) a total of $220,000 a year, without gift tax or use of the available lifetime credit, provided each of the gifts were gifts of present interests.
However, if a donor dies before a gift check clears his or her account, the gift amount is includible in the donor's estate.
In June 2002, the AICPA Tax Division's Trust, Estate, and Gift Tax Technical Resource Panel's Form 709 Task Force met with the IRS and submitted suggested changes to the form to take the new law into account.
In the seminal case in this area, Procter, (1) the taxpayer transferred property to a trust for his children's benefit; the trust agreement provided that the transfer, or a portion of it, would be nullified if a Federal court found any portion subject to gift tax.
Carefully crafted agreements can help donors understand the limits of their gifts--and a willingness to turn the occasional gift away can help keep the school on its long-term mission track.
People never used to give travel as a gift,'' said Joe McInerney, president and CEO of the American Hotel and Lodging Association.
Major gift donors are truly stakeholders in organizations in which they invest.
For Davis, whether the object is de luxe or mundane, as a gift it is always a sign.
The first step in preparing a gift tax return is the simplest and most important.