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LSDefine

Simple English definitions for legal terms

taxable gift

Read a random definition: ECU

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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yeah there are so many good cuisines in ithaca
renard99
22:31
@lilypadfrog: that’s a pity I’da be liking them all
texaslawhopefully
22:31
Only food I’m going to miss for sure if I leave Texas is texmex
22:31
waspy hasnt had thai food in ithaca yet. ithaca thai is so good
^^^^ truuuuuu
22:32
there are two major thai places and they have very similar names bc a divorced husband and wife own them lol
22:32
personally i think taste of thai is better than taste of thai express but thats just me
i had pho tho and it was really good and huge portions
texaslawhopefully
22:32
Glad they have good Thai food, I love Thai food! Can’t wait to visit :)
22:33
when tex goes to ithaca i want to come
Dkk
22:34
Crying Tiger, best Thai dish.
damn im so hungry all i had today was a curry tonkatsu and buldak
and it was a lil baby noodle cup
vvv hungry
22:36
curry tonkatsu so yummeh
22:36
whats even open rn? pizza?
CTB is it i think
22:37
is collegetown pizza not open
22:37
i used to get a slice from there or wings over at like 1am after my shift at the restaurant
Dkk
22:48
Ross Ulbricht free. God Bless Trump. Huge win.
JeremyFragrance
22:54
agreed
texaslawhopefully
22:55
This is an interesting read: https://thedispatch.com/article/birthright-citizenship-trump-implications/
Dkk
23:01
I mean, idk how it's possible to end birth right citizenship without amending the constitution because to me the 14th amendment is pretty clear about it.
ross ulbricht tried to hire a hitman to kill 5 people
i am not that sympathetic to him
Dkk
23:04
@KnowledgeableRitzyWasp: That might have been an FBI agent. It was most likely him and he was most likely doing it to retrieve stolen funds that corrupt FBI agents stole, but yeah moral gray area but me personally, cool with hitmen. It's not like it is uncommon to hire hitmen. I don't think the action itself is necessarily wrong but the intent behind it can be.
Dkk
23:05
Like, Boeing whistblowers being killed by hitmen = wrong but a guy hiring hitmen to retrieve stolen funds = good to me.
texaslawhopefully
23:05
@Dkk: Yeah, for sure. My guess is it'll go to SCOTUS and it'll be 8-1 or 7-2, saying that EO was unconstitutional.
Dkk
23:06
Indeed. I need a count for how many exectuive orders he has signed and how many already have pending lawsuits.
i've been away for a while what were the most recent waves? any this week?
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