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Daily Archives: March 20, 2010
Requirement of Filing Federal Gift Tax Return
The requirement of filing a federal gift tax return arises when one has made a completed taxable gift. Incomplete gifts do not impose any gift tax filing requirement. Thus, the donor’s gift of a diamond ring would exemplify a completed gift. However, if the donor reserved the power to revest beneficial title in the ring to himself at a later date, the gift would be incomplete.
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Posted in Gift Tax Planning
Tagged asset protection, estate planning, estate tax, form 709, gift tax, gross estate
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