gift tax

gift tax
a tax imposed on the transfer of money or property from one living person to another by gift, payable by the donor.

* * *

      a levy imposed on gratuitous transfers of property—i.e., those made without compensation. Provisions for such taxes are common in national tax systems.

      In the tax systems of many nations, gift taxes are integrated to some degree with an estate (inheritance) tax. The relationship stems not only from the fact that gifts and bequests share the quality of gratuity but also from the practical consideration that gifts are often resorted to as a means of avoiding estate taxes (estate tax). Where the two are more or less integrated, they may be thought of as constituting an accessions tax.

      Gift taxes are typically of little significance in the generation of revenue. They serve a symbolic function in reminding the parties to a transfer of property that the state (or other municipality) creates the legal structure within which such transfers are possible. A more important function, and in some nations the explicit rationale for gift taxes, is to stem the use of gifts as a means of avoiding estate taxes.

      Exemptions from the tax are commonly granted for gifts made to charitable, educational, or other qualifying institutions. Such exemptions are expressions of social policy.

* * *


Universalium. 2010.

Игры ⚽ Нужен реферат?

Look at other dictionaries:

  • gift tax — n: an excise tax imposed on a donor for gifts of property made during the donor s lifetime see also annual exclusion, gift 3 split gift at gift, unified t …   Law dictionary

  • Gift Tax — A federal tax applied to an individual giving anything of value to another person. For something to be considered a gift, the receiving party cannot pay the giver full value for the gift, but may pay an amount less than its full value. It is the… …   Investment dictionary

  • gift tax — A tax assessed on the giver of a property or asset as a gift. A $10,000 federal gift tax exemption exists per recipient. Bloomberg Financial Dictionary See: gift splitting. Bloomberg Financial Dictionary * * * gift tax gift tax ➔ tax1 * * * gift… …   Financial and business terms

  • gift tax — noun a tax imposed on transfers of property by gift during the lifetime of the giver • Hypernyms: ↑tax, ↑taxation, ↑revenue enhancement * * * noun : a tax that is imposed by the federal government and a number of states in the United States… …   Useful english dictionary

  • Gift tax in the United States — A gift tax is a tax imposed on the gratuitous transfer of ownership of property.The tax is generally imposed on the donor (the giver) rather than on the recipient. A transfer is completely gratuitous where the donor receives nothing of value in… …   Wikipedia

  • Gift Tax Return — A federal tax form that must be filled out by any individual who gives a gift that exceeds the annual or lifetime exempt gift amount established by the IRS. For example, if the annual gift tax exemption is $13,000 per recipient, anyone who gives… …   Investment dictionary

  • gift tax — An excise tax on the transfer by a living person of money or other property by gift. A tax imposed on the transfer of property by gift inter vivos without relation to the death of the donor, being distinguished from succession or estate taxes… …   Ballentine's law dictionary

  • gift tax — /ˈgɪft tæks/ (say gift taks) noun tax paid at the time of making a gift of more than a government nominated value. Also, capital transfer tax …  

  • gift tax — A US federal tax on property given away, levied on the donor …   Big dictionary of business and management

  • gift tax — / gɪft tæks/ noun a tax on gifts (only gifts between husband and wife are exempt) …   Dictionary of banking and finance

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”