donee

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donee

One who receives a gift.

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interest, that contributions of easements would be made only to donees

restrictions, and that the easements would be transferable by the donees

TAX-DEDUCTIBLE CONSERVATION EASEMENTS AND THE ESSENTIAL PERPETUITY REQUIREMENTS

Donations mortis causa, being in the form of a will, need not be accepted by the donee during the donor's lifetime.

The art of giving

Indeed, gifting to groups that are not qualified donees has been identified as one of the key non-compliance issues revealed by the Political Activities audits undertaken over the past three years pursuant to the direction included in the 2012 Federal Budget.

As well, a specific provision of the ITA defines charitable purposes as including "disbursement of funds to a qualified donee".

The "no gifts to non-qualified donees" rule

(b) Upon the death of the donee, to the extent that the donee's estate is insufficient to satisfy the claims of creditors of the donee's estate, property subject to a general power of appointment that was created by someone other than the donee and that was exercisable by the donee's will is subject to those claims and expenses to the same extent that it would be subject to those claims and expenses if the property had been owned by the donees.

Power of appointment legislation in New York: it's time for modernization

Because the donees received only an assignee interest, they lacked the ability to withdraw their capital accounts, to sell, assign, ortrans-fer their partnership interests to third parties, or to encumber or dispose of the interests without the written consent of all the partners.

IRS wins again on annual exclusion of gifts of partnership interests

If she could keep only $400,000, and make gifts of $160,000 each to ten other single individuals within her family, and if the tax regime of option 2 were in place, she would pay tax on only $400,000 (which would be a tax of $118,597.75), while the ten donees would each have incomes of $160,000 each (on which the tax would be $38,778.25).

Gifts and the income tax - an enduring puzzle

For contributions of property other than money, the taxpayer is generally required to maintain a receipt from the donee organization showing the name of the donee, the date and location of the contribution, and a description of the property, including the value of it.

General

To the extent that the implications of the various factors may be understood by the donee and by potential challengers, needless litigation may be avoided.

Challenging inter vivos transfers procured by undue influence: factors to consider

Thus, a married couple can transfer gift tax free up to $24,000 (in 2006) per year of money or other property, multiplied by an unlimited number of donees. In the example above, the donor and spouse together could give up to $192,000 annually on a gift tax-free basis.

Chapter 17: Gift tax

In about 42% of tax returns with a Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, the IRS did not have on file a copy of the form from the donee, or the value of the donation claimed did not match the IRS's records.