Gift splitting definition

Gift splitting means the election to have a gift treated as made one-half by the

Examples of Gift splitting in a sentence

  • The amount of the reduction is determined under paragraph (b) of this section.(3) Gift splitting on subsequent transfer.

  • If one spouse gave a gift val- ued at more than the $15,000 exclusion, see Gift splitting, later.‌Example 1.

  • Gift splitting effectively allows the annual exclusion to double.

  • Gift splitting can be done only between spouses.A parent and an adopted childIncorrect.

  • Gift splitting can be done only between spouses.SiblingsIncorrect.

  • If one spouse gave a gift val- ued at more than the $15,000 exclusion, see Gift splitting, later.Example 1.

  • Gift splitting is when a married couple agrees to split a gift to one individual.

  • Gift splitting is elected by the checking the box on line 12 of the Form 709.

  • The entire amount of the gift is excluded from taxation as it falls within Husband and Wife’s annual exclusions.• Gift splitting treatment is not automatic.

  • Gift splitting is often employed to pay premiums on life insurance policies owned by Irrevocable Life Insurance Trusts.

Related to Gift splitting

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  • Paraphernalia means items used for the storage or use of usable marijuana, marijuana concentrates, or marijuana-infused products, such as, but not limited to, lighters, roach clips, pipes, rolling papers, bongs, and storage containers. Items for growing, cul­ tivating, and processing marijuana, such as, but not limited to, bu­ tane, lights, and chemicals are not considered "paraphernalia."

  • Marijuana items means marijuana, cannabinoid products, cannabinoid concentrates and cannabinoid extracts.

  • Common Channel Signaling (“CCS”) is a method of digitally transmitting call set-up and network control data over a digital signaling network fully separate from the public switched telephone network that carries the actual call.

  • Gift aid means financial aid received from the federal Pell

  • Native means any wildlife species naturally occurring in Washington for purposes of breeding, resting, or foraging, excluding introduced species not found historically in this state.

  • Tobacco paraphernalia means any item designed for the consumption, use, or preparation of Tobacco Products.

  • Baiting means the direct or indirect placing, exposing, depositing, distributing, or scattering of salt, grain, or other feed that could serve as a lure or attraction for upland game to, on, or over any areas where hunters are attempting to take them.

  • Drug paraphernalia means all equipment, products, and materials of any kind, which are used for injecting, ingesting, inhaling or otherwise introducing a drug into the human body. This includes, but is not limited to, all equipment, products and materials prohibited or controlled by State or Federal laws.

  • Mist spray adhesive means any aerosol which is not a special purpose spray adhesive and which delivers a particle or mist spray, resulting in the formation of fine, discrete particles that yield a generally uniform and smooth application of adhesive to the substrate.

  • Web spray adhesive means any aerosol adhesive that is not a mist spray or special purpose spray adhesive.

  • Centralized Message Distribution System (CMDS) means the industry-wide data collection system, which handles the daily exchange of message details between CMDS participating telephone companies (also known as CMDS Direct Participants). AT&T-21STATE is a CMDS Direct Participant.

  • Centralized Message Distribution System (CMDS) means the transport system that LECs use to exchange outcollect and Carrier Access Billing System “CABS” access messages among each other and other Parties connected to CMDS.

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  • Municipal Separate Storm Sewer System Management Program means a management program covering the duration of a state permit for a municipal separate storm sewer system that includes a comprehensive planning process that involves public participation and intergovernmental coordination, to reduce the discharge of pollutants to the maximum extent practicable, to protect water quality, and to satisfy the appropriate water quality requirements of the CWA and regulations, and this article and its attendant regulations, using management practices, control techniques, and system, design, and engineering methods, and such other provisions that are appropriate.

  • Channel migration zone (CMZ) means the area where the active channel of a stream is prone to move and this results in a potential near-term loss of riparian function and associated habitat adjacent to the stream, except as modified by a permanent levee or dike. For this purpose, near-term means the time scale required to grow a mature forest. (See board manual section 2 for descriptions and illustrations of CMZs and delineation guidelines.)

  • Regional economic integration organization means an organization constituted by sovereign States of a given region to which its member States have transferred competence in respect of matters governed by this Convention and which has been duly authorized, in accordance with its internal procedures, to sign, ratify, accept, approve or accede to this Convention;

  • Cigarette means any product that contains nicotine, is intended to be burned or heated under ordinary conditions of use, and consists of or contains (i) any roll of tobacco wrapped in paper or in any substance not containing tobacco; or (ii) tobacco, in any form, that is functional in the product, which, because of its appearance, the type of tobacco used in the filler, or its packaging and labeling, is likely to be offered to, or purchased by, consumers as a cigarette; or (iii) any roll of tobacco wrapped in any substance containing tobacco which, because of its appearance, the type of tobacco used in the filler, or its packaging and labeling, is likely to be offered to, or purchased by, consumers as a cigarette described in clause (i) of this definition. The term "cigarette" includes "roll-your-own" (i.e., any tobacco which, because of its appearance, type, packaging, or labeling is suitable for use and likely to be offered to, or purchased by, consumers as tobacco for making cigarettes). For purposes of this definition of "cigarette", 0.09 ounces of "roll-your-own" tobacco shall constitute 1 individual "cigarette".

  • Small municipal separate storm sewer system or "small MS4" means all separate storm sewers that are (i) owned or operated by the United States, a state, city, town, borough, county, parish, district, association, or other public body (created by or pursuant to state law) having jurisdiction over disposal of sewage, industrial wastes, stormwater, or other wastes, including special districts under state law such as a sewer district, flood control district or drainage district, or similar entity, or an Indian tribe or an authorized Indian tribal organization, or a designated and approved management agency under § 208 of the CWA that discharges to surface waters and (ii) not defined as "large" or "medium" municipal separate storm sewer systems or designated under 4VAC50-60-380 A 1. This term includes systems similar to separate storm sewer systems in municipalities, such as systems at military bases, large hospital or prison complexes, and highway and other thoroughfares. The term does not include separate storm sewers in very discrete areas, such as individual buildings.

  • Self-Regulatory Organization means any association of investment advisers or securities dealers registered under the federal securities laws, or any Exchange.

  • UCITS means an undertaking for collective investment in transferable securities established pursuant to the UCITS Regulations;

  • Paraplegia means the permanent Paralysis and functional loss of use of both lower limbs.

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  • Gift card means a document, card, certificate, or other record, whether tangible or intangible, that may be redeemed by a consumer for a dollar value when making a purchase of tangible personal property or services.

  • Topping means the severing of main trunks or stems of vegetation at any place above 25 percent of the vegetation height.