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Property or property rights or interests gratuitously passed or transferred for less than an adequate and full consideration in money or money's worth (except bona fide sales) to another, in trust or otherwise, directly or indirectly. |
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The person who makes the gift. |
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A complete and unqualified refusal to accept property or an interest to which one is entitled. It must be made in a timely manner and without consideration or without directions as to what happens to such disclaimed property. aka renunciation |
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Ordinary Business Transaction |
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A sale, exchange, or other transfer of property (a transaction that is bona fide, at arm's length, and free from donative intent? made in the ordinary course of business. |
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nongratuitous transfer for less than adequate money's worth. |
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Gift that is beyond the donor's recall. |
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A gift that is conditional upon the donor's dying. |
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A revocable tranfer in which a donor makes a deposit in a bank savings account for a donee. The donor acts as trustee of the account and no gift occurs until the donee makes a withdrawal. |
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Pay-on Death (POD) account |
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A nonprobate arrangement in which a savings or bank account is controlled by the contributor (depositor) account during lifetime but any deposits remaining at death pass to a surviving party. |
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Taxable gift requiring the donee to pay the gift tax on the transferred asset. |
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Discount percentage attributed to the value of large blocks of corporate stock for estate and gift tax purposes, premised on the theory that a large block of stock is less marketable than smaller amounts of stock. |
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