donee


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donee

One who receives a gift.
References in periodicals archive ?
In order for the gift to be one that qualifies for the annual exclusion, it must be a present interest gift: the donee must be entitled to its immediate use and enjoyment.
Generally, charitable contributions of $250 or more made by an employee through payroll deduction may be substantiated with a combination of two documents: (1) a pay stub, Form W-2, or a document furnished by the taxpayer's employer that sets forth the amount withheld from the taxpayer's wages, and (2) a pledge card or document prepared by or at the direction of the donee organization that states that the organization does not provide goods or services as whole or partial consideration for any contributions made by payroll deduction.
A gift by a pardanashin woman is also valid but in case of a dispute the burden of proof that the transaction was not conducted by coercion or undue influence is on the donee. A person in insolvent circumstances is also valid provided that it is bona fide and not merely intended to defraud the creditors.
The form requires specific information including the name and address of the donee charity, the date of the contribution, the donor's tax basis, the FMV of the donated property, and the method used to arrive at this value.
Basic is the rule that if a contract of donation provides for automatic rescission or reversion in case of a breach of a condition and the donee violates it or fails to comply with it, the property donated automatically reverts back to the donor without need of any judicial declaration.
The pledge agreements may not need to state with specificity the purpose of the pledge and the donee may not be required to demonstrate reliance on the pledge.
Two elements are required: first, the donor's intention to part with dominion and second, sufficient delivery or transfer of the subject matter of the gift, or something representing it, to the donee.
clear: to ensure that the rights of the donee with regard to the
With a nonqualified disclaimer, the disclaimant, rather than the donor, is treated as having transferred his or her interest in the property to the successor donee. Additionally, the disclaimant is treated for gift tax purposes as the transferor and will need to apply the gift tax rules to determine whether he or she made a taxable gift to the successor donee.
If, however, an election is made to not have the donee spouse's interest treated as a "qualifying income interest for life," the marital deduction is not allowed if the donor gives an interest in the contract to a third party, or keeps an interest for himself, and there is a possibility that the donor or the third party could receive some benefits from this interest after the donee's interest ends.
170(e)(1)(B) states that the amount of a charitable contribution of tangible personal property is reduced if the donee's use is unrelated to the purpose or function constituting the basis for its exemption under Sec.
You'll also need a pledge card or another document from or prepared for the donee organization showing the name of the organization.