The term taxable gifts means the total amount of donations made during the calendar year, minus the deductions provided in subchapter C (section 2522 et seq.). The term “taxable gifts” means the total amount of donations made during the calendar year, minus the deductions provided for in subchapter C (section 2522 et seq.). Any qualifying transfer will not be treated as a transfer of property by gift for the purposes of this chapter. If any person waives, before the death of a participant, any survivor benefit or right to such benefit under section 401 (a) (1) or 417, such exemption will not be treated as a transfer of property by gift for the purposes of this chapter.
The term “qualified work of art” means any tangible archaeological, historical, or creative personal property. The term “private foundation” has the meaning given to that term in section 509, except that such term will not include any private operating foundation (as defined in section 4942 (j) (). For the inflation adjustment for certain items in this section, see the revenue procedures listed in a table in section 1 of this title. F) relating to the treatment of certain loans of works of art.
D) which referred to individual retirement accounts, etc. Amendment by section 1018 (u) (5 of the Pub. Amendment by section 311 (h) (of the Pub. Amendment by section 442 (a) (of the Pub.
In the United States, gift tax is governed by Chapter 12, Subtitle B, of the Internal Revenue Code. The tax is set out in section 2501 of the Code. For the purposes of taxable income, courts have defined a gift as the product of selfless and selfless generosity. Gifts are often given out of affection, respect, admiration, charity, or similar impulses.