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generation skipping |
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generation skipping adj., adv. referring to gifts made through trusts by a grandparent to a grandchild, skipping one's child (the grandchild's parent). Originally intended to avoid or defer federal gift or estate taxes if paid through a "generation skipping trust," it is now subject to a generation skipping tax, and if made directly without a trust, the gift is as taxable as any large gift. In other words, although generation skipping no longer works to avoid taxes, a grandparent can still give or leave gifts under $10,000 a year to a grandchild without a gift tax. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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2000), provides references to important Federal estate, gift and generation skipping tax cases and rulings rendered after 1975. Under IRC section 7491, in any court proceeding the IRS has the burden of proof with respect to any factual issue relevant to determining a taxpayer's liability for any income, self-employment, gift, estate and generation skipping transfer taxes if Congress included the proposal the AICPA helped develop to modify the generation skipping transfer tax in its bill to repeal estate taxes. |
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