MLchartDataset catalogue

Gift tax

Term · Law · MLC-T-LAW-002316

A federal tax imposed on the transfer of property by one individual to another without receiving full consideration in return. The tax applies whether the donor intends the transfer to be a gift or not, as long as it is not for full and adequate consideration. The Internal Revenue Service sets an annual exclusion amount, below which gifts are not subject to this tax.

Table 1. Record
IdentifierMLC-T-LAW-002316
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-002316",
  "term": "Gift tax",
  "field": "Law",
  "definition": "A federal tax imposed on the transfer of property by one individual to another without receiving full consideration in return. The tax applies whether the donor intends the transfer to be a gift or not, as long as it is not for full and adequate consideration. The Internal Revenue Service sets an annual exclusion amount, below which gifts are not subject to this tax.",
  "url": "https://mlchart.com/terminology/law/gift-tax/"
}

Record 2,225 of 5,441 in Law terminology (MLC-0107). Request the full dataset.