gift tax

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gift tax

n. Federal tax on large gifts. Gifts to members of a family may be up to $10,000 a year to each plus a life-time $30,000 in gifts without tax. Several states also impose gift taxes. As with all tax questions, professional assistance in gift tax planning is vital.

References in periodicals archive ?
With a family loan, the individual providing the money should be sure to charge an interest rate that reflects a fair market value, or the loan may become subject to federal gift taxes.
The downside of this strategy is that it requires paying federal gift taxes during lifetime - something clients and estate planners alike typically avoid.
On the McCords' 1996 gift tax returns, the gifts' taxable values were based on the gross FMV transferred to the nonexempt donees ($6,910,933), reduced by the total Federal gift taxes payable and the actuarially determined present value of their obligations for additional estate taxes under Sec.

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