Sentences with phrase «federal gift tax liability»
This election allows you to make a lump - sum contribution up to five times the annual exclusion amount of $ 75,000 per beneficiary in one year and elect to treat the contribution as if it was made ratably over five years avoiding federal gift tax liability, as long as you make no other gifts to the same beneficiary for the next five years.
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Research federal laws regulating partnership transfers and gifts given to family members to determine the amount allowed under federal law before the gift recipient incurs liability for income or gift taxes.