FIN 440 Lecture Notes - Lecture 7: Tretinoin, Adjusted Basis
Document Summary
The gift tax is an excise tax on the right to transfer assets to another person during life. The fit tax was legislated in 1932 (after the estate tax- 1915: gift tax rates are lower than estate. In 1976, congress unified the rates for gifts and estates. In 2003, the systems were again split into: a unified rate schedule, but a, bifurcated credits system (m and . 5m) >. 45 million: 1st m taxed at 34. 58, >m @ 40% On 12/17/2010, tra extended egtrra 2001 through 12/31/2012 and increased the exemption amount to million with a maximum marginal rate of 35: portability for spouses. Atra 2013 made permanent the tra 2010 legislation, but increased the max rate to 40% Donor (person who makes a gift: must be competent to make the gift, must have intent to make a voluntary transfer. Donee (person who receives gift: must be competent to receive the gift, must take delivery, must accept the property.
