26 U.S.C. § 2503
Taxable gifts
# (a) General definition
The term “taxable gifts” means the total amount of gifts made during the calendar year, less the deductions provided in subchapter C (section 2522 and following).
# (b) Exclusions from gifts
(1) In general In the case of gifts (other than gifts of future interests in property) made to any person by the donor during the calendar year, the first $10,000 of such gifts to such person shall not, for purposes of subsection (a), be included in the total amount of gifts made during such year. Where there has been a transfer to any person of a present interest in property, the possibility that such interest may be diminished by the exercise of a power shall be disregarded in applying this subsection, if no part of such interest will at any time pass to any other person. (2) Inflation adjustment In the case of gifts made in a calendar year after 1998, the $10,000 amount contained in paragraph (1) shall be increased by an amount equal to— (A) $10,000, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting “calendar year 1997” for “calendar year 2016” in subparagraph (A)(ii) thereof. If any amount as adjusted under the preceding sentence is not a multiple of $1,000, such amount shall be rounded to the next lowest multiple of $1,000.
# (c) Transfer for the benefit of minor
No part of a gift to an individual who has not attained the age of 21 years on the date of such transfer shall be considered a gift of a future interest in property for purposes of subsection (b) if the property and the income therefrom— (1) may be expended by, or for the benefit of, the donee before his attaining the age of 21 years, and (2) will to the extent not so expended— (A) pass to the donee on his attaining the age of 21 years, and (B) in the event the donee dies before attaining the age of 21 years, be payable to the estate of the donee or as he may appoint under a general power of appointment as defined in section 2514(c).
# (d) Repealed. Pub. L. 97–34, title III, § 311(h)(5), Aug. 13, 1981, 95 Stat. 282
[(d) Repealed. Pub. L. 97–34, title III, § 311(h)(5) , Aug. 13, 1981 , 95 Stat. 282 ]
# (e) Exclusion for certain transfers for educational expenses or medical expenses
(1) In general Any qualified transfer shall not be treated as a transfer of property by gift for purposes of this chapter. (2) Qualified transfer For purposes of this subsection, the term “qualified transfer” means any amount paid on behalf of an individual— (A) as tuition to an educational organization described in section 170(b)(1)(A)(ii) for the education or training of such individual, or (B) to any person who provides medical care (as defined in section 213(d)) with respect to such individual as payment for such medical care.
# (f) Waiver of certain pension rights
If any individual waives, before the death of a participant, any survivor benefit, or right to such benefit, under section 401(a)(11) or 417, such waiver shall not be treated as a transfer of property by gift for purposes of this chapter.
# (g) Treatment of certain loans of artworks
(1) In general For purposes of this subtitle, any loan of a qualified work of art shall not be treated as a transfer (and the value of such qualified work of art shall be determined as if such loan had not been made) if— (A) such loan is to an organization described in section 501(c)(3) and exempt from tax under section 501(c) (other than a private foundation), and (B) the use of such work by such organization is related to the purpose or function constituting the basis for its exemption under section 501. (2) Definitions For purposes of this section— (A) Qualified work of art The term “qualified work of art” means any archaeological, historic, or creative tangible personal property. (B) Private foundation The term “private foundation” has the meaning given such term by section 509, except that such term shall not include any private operating foundation (as defined in section 4942(j)(3)).
Source: view the official text
Cited by 51
- 26 CFR § 1.1015-5 — Increased basis for gift tax paid.
- 26 CFR § 1.170A-5 — Future interests in tangible personal property.
- 26 CFR § 1.529A-1 — Exempt status of qualified ABLE program and definitions.
- 26 CFR § 1.529A-2 — Qualified ABLE program.
- 26 CFR § 1.529A-4 — Gift, estate, and generation-skipping transfer taxes.
- 26 CFR § 1.672(f)-5 — Special rules.
- 26 CFR § 20.2012-1 — Credit for gift tax.
- 26 CFR § 20.2044-1 — Certain property for which marital deduction was previously allowed.
- 26 CFR § 25.2501-1 — Imposition of tax.
- 26 CFR § 25.2502-1 — Rate of tax.
- 26 CFR § 25.2503-1 — General definitions of “taxable gifts” and of “total amount of gifts.”
- 26 CFR § 25.2503-2 — Exclusions from gifts.
Show 39 more
- 26 CFR § 25.2503-4 — Transfer for the benefit of a minor.
- 26 CFR § 25.2503-6 — Exclusion for certain qualified transfer for tuition or medical expenses.
- 26 CFR § 25.2513-2 — Manner and time of signifying consent.
- 26 CFR § 25.2515-2 — Tenancies by the entirety; transfers treated as gifts; manner of election and valuation.
- 26 CFR § 25.2515-3 — Termination of tenancy by the entirety; cases in which entire value of gift is determined under section 2515(b).
- 26 CFR § 25.2518-2 — Requirements for a qualified disclaimer.
- 26 CFR § 25.2519-1 — Dispositions of certain life estates.
- 26 CFR § 25.2522(a)-1 — Charitable and similar gifts; citizens or residents.
- 26 CFR § 25.2523(a)-1 — Gift to spouse; in general.
- 26 CFR § 25.2523(i)-1 — Disallowance of marital deduction when spouse is not a United States citizen.
- 26 CFR § 25.2524-1 — Extent of deductions.
- 26 CFR § 25.2701-5 — Adjustments to mitigate double taxation.
- 26 CFR § 25.2702-6 — Reduction in taxable gifts.
- 26 CFR § 25.6001-1 — Records required to be kept.
- 26 CFR § 25.6019-1 — Persons required to file returns.
- 26 CFR § 25.6019-2 — Returns required in case of consent under section 2513.
- 26 CFR § 25.6075-2 — Returns; time for filing gift tax returns for gifts made after December 31, 1976, and before January 1, 1982.
- 26 CFR § 26.2642-1 — Inclusion ratio.
- 26 CFR § 26.2652-1 — Transferor defined; other definitions.
- 26 CFR § 28.2801-2 — Definitions.
- 26 CFR § 28.2801-3 — Rules and exceptions applicable to covered gifts and covered bequests.
- 26 CFR § 28.2801-4 — Liability for and payment of tax on covered gifts and covered bequests; computation of tax.
- 26 CFR § 301.6501(c)-1 — Exceptions to general period of limitations on assessment and collection.
- 26 U.S.C. § 1015 — Basis of property acquired by gifts and transfers in trust
- 26 U.S.C. § 2001 — Imposition and rate of tax
- 26 U.S.C. § 2012 — Credit for gift tax
- 26 U.S.C. § 2101 — Tax imposed
- 26 U.S.C. § 2523 — Gift to spouse
- 26 U.S.C. § 2611 — Generation-skipping transfer defined
- 26 U.S.C. § 2632 — Special rules for allocation of GST exemption
- 26 U.S.C. § 2642 — Inclusion ratio
- 26 U.S.C. § 2701 — Special valuation rules in case of transfers of certain interests in corporations or partnerships
- 26 U.S.C. § 2801 — Imposition of tax
- 26 U.S.C. § 529 — Qualified tuition programs
- 26 U.S.C. § 529A — Qualified ABLE programs
- 26 U.S.C. § 6019 — Gift tax returns
- 26 U.S.C. § 6039F — Notice of large gifts received from foreign persons
- 26 U.S.C. § 6501 — Limitations on assessment and collection
- 26 U.S.C. § 672 — Definitions and rules
Nearby sections (25 sections)
- 2203 · Definition of executor
- 2204 · Discharge of fiduciary from personal liability
- 2205 · Reimbursement out of estate
- 2206 · Liability of life insurance beneficiaries
- 2207 · Liability of recipient of property over which decedent had power…
- 2207A · Right of recovery in the case of certain marital deduction…
- 2207B · Right of recovery where decedent retained interest
- 2208 · Certain residents of possessions considered citizens of the…
- 2209 · Certain residents of possessions considered nonresidents not…
- 2210 · Repealed. Pub. L. 111–312, title III, § 301(a), Dec. 17, 2010,…
- 2501 · Imposition of tax
- 2502 · Rate of tax
- 2503 · Taxable gifts
- 2504 · Taxable gifts for preceding calendar periods
- 2505 · Unified credit against gift tax
- 2511 · Transfers in general
- 2512 · Valuation of gifts
- 2513 · Gift by husband or wife to third party
- 2514 · Powers of appointment
- 2515 · Treatment of generation-skipping transfer tax
- 2515A · Repealed. Pub. L. 97–34, title IV, § 403(c)(3)(B), Aug. 13,…
- 2516 · Certain property settlements
- 2517 · Repealed. Pub. L. 99–514, title XVIII, § 1852(e)(2)(A), Oct. 22,…
- 2518 · Disclaimers
- 2519 · Dispositions of certain life estates