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v. t. e. A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in ...
A gift economy or gift culture is a system of exchange where valuables are not sold, but rather given without an explicit agreement for immediate or future rewards. [ 1] Social norms and customs govern giving a gift in a gift culture; although there is some expectation of reciprocity, gifts are not given in an explicit exchange of goods or ...
A gift card, also known as a gift certificate in North America, or gift voucher or gift token in the UK, [ 1] is a prepaid stored-value money card, usually issued by a retailer or bank, to be used as an alternative to cash for purchases within a particular store or related businesses. Gift cards are also given out by employers or organizations ...
Gifts are given as a sign of respect and reflection of the relationship between the gifting country and United States. You may find it unethical that the president would get to keep such lavish ...
Straw purchase. A straw purchase or nominee purchase is any purchase wherein an agent agrees to acquire a good or service for someone who is often unable or unwilling to purchase the good or service themselves, and the agent transfers the goods or services to that person after purchasing them. In general, straw purchases are legal except in ...
For example, suppose you gifted $25,000 to a family member in 2024. Your excess gift is $7,000 for that year, or $25,000 minus the $18,000 annual exclusion. That $7,000 excess applies to your ...
A gift, in the law of property, is the voluntary and immediate transfer of property from one person (the donor or grantor) to another (the donee or grantee) without consideration. There are several type of gifts in property law, most notably inter vivos gifts which are made in the donor's lifetime and causa mortis (deathbed) gifts which are ...
The Alaska Purchase was the purchase of Alaska from the Russian Empire by the United States for a sum of $7.2 million in 1867 (equivalent to $129 million in 2023). On May 15 of that year, the United States Senate ratified a bilateral treaty that had been signed on March 30, and American sovereignty became legally effective across the territory on October 18.
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