Subtitle B 2001-2801 Flashcards
Imposition of Tax (Gift)
2501
Rate of Tax (Gift)
2502
Taxable Gifts
2503
Is gift tax considered tax inclusive or exclusive?
Exclusive: Funds used to pay the tax are not included in calculating the tax base.
Is estate tax considered tax inclusive or exclusive?
Inclusive: Funds ultimately used to pay the tax are included in the tax base and must come from after-tax dollars.
Taxable Gifts for Preceding Calendar Years
2504
Unified Credit Against Gift Tax
2505
Subchapter B - Transfers (Gifts)
2511-2516; 2518-2519
Transfers in General (Gifts)
2511
Valuation of Gifts
2512
[Valued as of date gift made; donative intent not required]
Gift by Husband or Wife to a Third Party
2513
[Gift Splitting]
Powers of Appointment (Gifts)
2514
Treatment of Generation-Skipping Transfer Tax (Gifts)
2515
Certain Property Settlements (Gifts)
2516
[Relating to Divorce]
Disclaimers (Gifts)
2518
Dispositions of Certain Life Estates (Gifts)
2519
Subchapter C - Deductions (Gifts)
2522-2524
Charitable and Similar Gifts (Deduction)
2522
Gift to Spouse (Deduction)
2523
Extent of Deductions (Gifts)
2524