| Dear Clients and Colleagues,
In our continuing effort to share our knowledge, experience and perspective with you on cutting-edge legal developments, we are sending our periodic "Alert". It is one way for us to give back to you, our clients and friends. We hope that you find value in this communication. |
Gifts of LLC Interest Not Qualifying for Annual Exclusion
The gift tax annual exclusion allows an individual to gift $13,000.00 (as indexed for 2010) to an unlimited number of donees each year without paying gift tax. In order to qualify for the annual exclusion, however, a gift must be of a "present interest" in accordance with IRC 2503(b). To qualify as a present interest in property, the recipient needs to have an unrestricted right to the immediate use, possession, or enjoyment of the property or the income from the property...read more |
