CHAPTER SIXEstate and Gift Law
- § 6.1 Overview of Law
- § 6.2 Federal Gift Tax
- (a) Definition of Gift
- (b) Imposition of Gift Tax
- (c) Covered Transfers and Property
- (d) Powers of Appointment
- (e) Transfers Deemed Not Gifts
- (f) Taxable Gifts
- (g) Exclusions from Taxable Gift
- (h) Annual Exclusion
- (i) Valuation of Gift Transfers
- (j) Basis of Gifted Property
- (k) Charitable Contribution Deduction
- (l) Liability for Gift Tax
- (m) Split Gifts between Spouses
- (n) Disclaimers
- (o) Gift Tax Rates
- § 6.3 Federal Estate Tax
- § 6.4 Unification of Taxes
- § 6.5 Remainder Interests
- § 6.6 Ascertainability of Value of Charitable Interest
§ 6.1 OVERVIEW OF LAW
The federal estate tax, in effect since 1916, is imposed on the transfer of property occasioned by an individual's death.1 This tax, sometimes referred to as the death tax, is a controversial component of the federal tax scheme.
The federal gift tax, enacted in 1924 and in effect since 1932, applies to transfers made by individuals during lifetime.2
The generation-skipping transfer tax, introduced in 1976, is an additional tax on transfers of property that skip a generation.3
These three taxes were unified in 1976. The taxes are unified in that these transfers are taxed as an integrated whole. They thus constitute ...
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