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LSDefine

Simple English definitions for legal terms

taxable gift

Read a random definition: in genere

A quick definition of taxable gift:

A taxable gift is when someone gives something to another person and the government requires them to pay taxes on the value of the gift. Taxable income is when someone earns money and the government requires them to pay taxes on that money. A taxable termination is when someone's interest in a special kind of trust ends and the government requires taxes to be paid if the trust is set up in a certain way. Before 1976, people could set up trusts that paid money to their children and grandchildren without paying taxes, but now there are rules to prevent that.

A more thorough explanation:

A taxable gift is a gift that is subject to taxation by the government. This means that if you give someone a gift that exceeds a certain amount, you may have to pay taxes on it.

For example, if you give your friend $20,000 as a gift, that amount may be subject to gift tax. The government sets a limit on how much you can give someone each year without incurring gift tax. In 2021, that limit is $15,000 per person. So, if you give someone more than $15,000 in a year, you may have to pay gift tax on the excess amount.

A taxable termination is a type of event that can trigger the generation-skipping transfer tax. This tax is imposed on certain transfers of property that skip a generation, such as gifts or bequests to grandchildren.

For example, let's say that your grandfather created a trust for your benefit. The trust pays you income for life, and then passes to your children when you die. When your father (who is not a skip person) dies, his interest in the trust terminates, and the trust property passes to you. This is a taxable termination, because the property is passing to a skip person (your children) without any intervening interests held by nonskip persons.

taxable distribution | taxable year

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almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
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