The Annual Exclusion and Future Interests

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dc.contributor.author Harl, Neil
dc.contributor.department Iowa State University Digital Repository
dc.date 2018-02-18T11:52:10.000
dc.date.accessioned 2020-06-29T22:59:26Z
dc.date.available 2020-06-29T22:59:26Z
dc.date.embargo 2017-05-22
dc.date.issued 1993-04-30
dc.description.abstract <p>As is widely known, gifts of $10,000 or less per year per donee are eligible for the federal gift tax annual exclusion. Moreover, gifts of $10,000 or less do not require the filing of a federal gift tax return. What is less widely known is that only <em>present interests</em> qualify for the annual exclusion. Gifts of future interests are not eligible. And gifts of future interests require the filing of a federal gift tax return regardless of amount.</p> <p>Many seemingly ordinary transactions can give rise to gifts of future interests. Besides requiring the filing of a federal gift tax return regardless of amount, the major concern is that the gift uses up the federal estate and gift tax unified credit.</p>
dc.identifier archive/lib.dr.iastate.edu/aglawdigest/vol4/iss9/1/
dc.identifier.articleid 1184
dc.identifier.contextkey 10196856
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath aglawdigest/vol4/iss9/1
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/3992
dc.source.bitstream archive/lib.dr.iastate.edu/aglawdigest/vol4/iss9/1/AgLawDigest_v04n09_01.pdf|||Fri Jan 14 17:39:23 UTC 2022
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Agricultural Economics
dc.subject.disciplines Agriculture Law
dc.subject.disciplines Public Economics
dc.title The Annual Exclusion and Future Interests
dc.type article
dc.type.genre article
dspace.entity.type Publication
relation.isJournalIssueOfPublication 24caed86-8183-4e69-a68b-fc0b5c8f2f8f
relation.isOrgUnitOfPublication d2bcee6c-7cba-4fa7-bd11-543354ce7b1b
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