Gift Tax
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Business Glossary 
tax levied on the transfer of property or money made without adequate legal consideration. This tax is imposed on the donor of a gift and is based upon the fair market value of the property as of the date of transfer. Under the law, each parent may give each recipient $11,000 a year ($22,000 for parents electing gift-splitting) without gift tax consequences. Also, gifts between spouses are untaxed.
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American Taxation Association
Membership comprises primarily university professors teaching federal income tax, federal estate, and/or gift tax courses; other members are practitioners, including certified public accountants. Seeks to further taxation education. Researches the ...
Members: 1,018
Founded: 1974
Dues: accounting professor and practitioner, $20 annual.
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