Small Business Resources, Business Advice and Forms from AllBusiness.com

Gift Tax

The best tips and advice from our vast library of articles, videos, and business tools

Browse Related Topics

Business Glossary
icon - industry associations

Definitions for: gift tax
gift tax

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.

Copyright © 2005, 2000, 1995, 1987 by Barron's Educational Series, Inc., Reprinted by arrangement with Publisher.

Search the Business Glossary:

icon - industry associations

Industry Associations

Industry Associations
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.

More Related Associations