Gift and Estate Final Outline Essay

Submitted By ikzamani
Words: 2348
Pages: 10
Open Document
Gift Taxation
2001(b)(2): Amounts are netted for gift and estate taxes
Subchapter A—Determination of Tax Liability
2501. Imposition of Tax
(a) Taxable Transfers-
(1) G/R- a tax, computed in Sec 2502, imposed each calendar year (“c/y”), on transfer of prop by gift during such c/y by any individual, resident, or nonresident.
(2) Tax not applied to Transfers of Intangible Prop by non-resident & non-citizen
2502. Rate of Tax
(a) Computation of Tax- tax imposed by 2501 shall be amount equal to the excess of- (1) A tentative tax, computed in Sec. 2001(c), on sum of gifts from c/y and each prior years, over (2) A tentative tax, on sum of taxable gifts for each prior years
(c) Tax to be Paid by Donor.- Tax in 2501 shall be paid by donor.
Gift Tax Calc. Estate Tax Formula
Gross Gifts Gross Estate
(Exclusions) -Annual Exclusions, Tuition, Medical (Deductions)
(Deductions) -Charitable, Marital Taxable Estate
C/Y Taxable Gifts +Taxable Gifts
+Prior Gifts Taxable Transfers
Tent. Taxable Gift on Cumulative Gifts Tentative Tax on Taxable Transfers
(Tax on Prior Gifts) (Gift Tax Payable)
Current Gift Tax Gross Estate Tax
(Available Gift Tax Credit) (Estate Tax)
Gift Tax Tax Due
2503. Taxable Gifts
(a) G/R- “taxable gifts” means gross gifts made during c/y, less dedns provided in Sub Chap C
(b) Exclusions from Gifts- Annual Exclusion $14,000
(c) Transfer for the Benefit of Minor- no part of gift to individual under 21 shall be considered a gift of future interest in property for purposes of SubSec (b) if property and the income from- 1) may be used by or for benefit of donee before turning 21, and 2) will to the extent no used— (A) pass to donee on turning 21 (B) event when donee dies before turning 21, payable to estate of donee or he may appoint under general power of appointment as defined in 2514(c).
(e) Exclusions of Transfers for Educational or Medical Expenses.—
(1) G/R- any qual transfer shall not be treated as transfer of prop by gift for purposes of this chapter
(2) Qualified Transfer- this section, ‘qualified transfer” means any amount paid on behalf of individual— (A) as tuition to educational organization (B) any persons who provide medical care payment
(f) Waiver of Certain Pension Rights.—individual can waive, before death of participant, any survivor benefit, or right to benefit, waiver shall not be treated as transfer of prop by gift for this chapter.
(g) Treatment of Certain Loans of Artwork—
(1) G/R- any loan of qual artwork shall not be treated as transfer (value determined if loan hasn’t been made) if-
(A) Such loan is to organization in 501(c)(3) and exempt from tax under 501(c) (other than priv. found)
(B) use of artwork is related to purpose or function consisting basis for exemption under 501(c)
2504. Taxable Gifts for Preceding Calendar Periods
(a) G/R- in computing taxable gifts for previous years—
(1) definition of gifts are dependent on respective years
(2) deductions allowed under such laws
(3) exemptions allowed under 2521 before 1/1/1977
(b) Exclusions from Gifts for Preceding C/P—amount of gifts that were excluded from gift tax will be shall not be included in the total amount of gifts made during such preceding c/p.
2505. Unified Credit Against Gift Tax.
(a) G/R- citizen or resident of US, allowed 1 credit from 2501 for each c/y, equal to—
(1) $5.34m, reduced by
(2) sum of amounts allowable as credit for all preceding c/p
Subchapter B. Transfers
2511. Transfers in General.
(a) Scope- Gift is dominion and control (trust, in/direct, real, personal, in/tangible). In case of nonresident not a us citizen, only property situated in US.
(b) Intangible Property- a non-resident/non-citizen of US who is excepted from 2501(a)(2)— (1) shares of stock issued by domestic corp., and (2) debt of obligations of— (a) a US person (b) the US, a State or politician subdivision thereof, or DC which are owned and held by such nonresident shall be deemed
Show More

Related Documents: Gift and Estate Final Outline Essay

Nora Priscilla Lindsay: Case Study

to merely represent a draft or a working note for a following will. All amendments to the document were minor, and included such matters as correcting spelling errors and updating the deceased’s age. No amendment were made to the bequeath of her estate to the appellant, nor to the reasoning behind excluding the respondent from the document. This therefore displays that this document should not be considered as uncompleted and the amendments indicate that the deceased continued to consider this as…

Words 1694 - Pages 7

Essay on IE5620 ItintoMC

manufacturing Interactive media Examples: Digital based media such as the internet, electronic conferencing such as Skype and email make communications instantaneous. Customer and supply orders, therefore, can be made quickly and efficiently. The real estate industry leverages interactive media by providing potential buyers/renters with virtual ‘walk-throughs’ of properties matching their search criteria. See: zillow.com ttrulia.com apartments.com Agile supply chains Making Mass Customization Possible…

Words 2132 - Pages 9

Religion Topic Notes- dot point syllabus Essay

Judaism ORIGINS *Abraham and the covenant: 1. Outline the life of Abraham: Abraham was the first father of the Jewish people. He was a healthy man with servants and provisions. God instructed Abraham to sacrifice Isaac, his son as a way of showing faith. When he had already
raised his knife, God told him to sacrifice an animal instead. It became a demonstration that the God of the Jews detests human sacrifice, but that he also asks us for obedience to His commands. 2. Describe the covenant…

Words 6501 - Pages 27

Business Law Paper

A rough outline and schedule was established as a subsequent step. The paper was broken down into its individual sections, such as Executive Summary, Introduction, Clause Analysis, Application of Principles, Lessons Learned, and Corrective Measures and each part…

Words 15495 - Pages 62

Defining Marketing For The 21st Century

Part I - Understanding Marketing Management Chapter 1 - Defining Marketing for the 21st Century I. Chapter Overview/Objectives/Outline A. Overview Marketing is the organizational function charged with defining customer targets and the best way to satisfy needs and wants competitively and profitably. Since consumers and business buyers face an abundance of suppliers seeking to satisfy their every need, companies and nonprofit organizations cannot survive today by simply doing a good job. They…

Words 7637 - Pages 31

Final Course Project MS APA Essays

study, socialize, or relax. The product is an enjoyable experience. Our deliverables are: The project charter Identify Cost Identify the duration of the project Management Plan Identify team members and their roles Project Schedule Outline the work package Outline the time and resources Requirements Review Identify the materials needed for the project Identify permits and licenses Plan Execution Execute the work packages File for the permits and licenses Objectives To create a lounge-like…

Words 6470 - Pages 26

Eth 321 Entire Course / Ethical and Legal Topics in Business Essay

ETH 321 Entire Course / Ethical and Legal Topics in Business To Buy this tutorial Copy & paste below link in your Brower http://homeworkregency.com/downloads/eth-321-entire-course-ethical-and-legal-topics-in-business/ Or Visit Our Website Visit : http://www.homeworkregency.com Email Us : homeworkregency@gmail.com ETH 321 Entire Course / Ethical and Legal Topics in Business ETH 321 Complete Class / Ethical and Legal Topics in Business ETH 321 WEEK 1 Role and Functions of Law Paper…

Words 6115 - Pages 25

2009 Studies Of Religion Notes Essay

within Aboriginal communities ‘Elders’ – kinship and owners ‘Elders’ - leaders of large extended family ‘Elders’ – knowledge given Kinship: the system of relationships traditionally accepted by a culture and the rights and obligations they hold Ritual estate: land which they are responsible for Represents the idea of ‘my country’ Contains sites of spiritual significance (sacred sites) Dreaming: basis of all aspects of life which is expressed through: Network of relationships Rights and obligations within…

Words 8507 - Pages 35

Urban Design Essay

BEYOND THE ENTREPRENEURIAL CITY: MUNICIPAL CAPITALISM IN SAN DIEGO TIM CHAPIN* Florida State University, Tallahassee ABSTRACT: Over the last several decades the public sector has become much more innovative and entrepreneurial when pursuing downtown redevelopment, embracing characteristics previously restricted to the private sector. This article investigates this approach by reviewing a major redevelopment project in San Diego. In the course of this project the public sector acted in ways…

Words 9490 - Pages 38

Contract and Terms Essay

Not an offer it is merely statement. Lots at Auction: Harris v Nickerson 1873 an auctioneer advertised he will be hosting auction for office furniture but letter withdrew the items from the action before the sale Acceptance An acceptance is a final…

Words 7056 - Pages 29