The Resource Gifts of certain intangible property by foreign persons - principles, pitfalls, and planning opportunities

Gifts of certain intangible property by foreign persons - principles, pitfalls, and planning opportunities

Label
Gifts of certain intangible property by foreign persons - principles, pitfalls, and planning opportunities
Title
Gifts of certain intangible property by foreign persons - principles, pitfalls, and planning opportunities
Creator
Subject
Language
eng
Summary
Section 2501(a)(2) of the U.S. Internal Revenue Code states that the gift tax "shall not apply to the transfer of intangible property by a nonresident not a citizen of the United States". "Intangible property" is not defined in the Code or the regulations thereunder. This article discusses the case law history of the definition, the distinction between currency and deposits, and the treatment of wire transfers, definitions, the IRS interpretations, the correct analysis of a wire transfer, the 'purported gift' trap, the expatriate exception, the conversion of a gift of tangible property to a gift of intangible property, the Davies case, and whether the Tax Court decision in Estate of Pierre changed the law
Citation source
In: Tax management international journal. - Arlington. - Vol. 40 (2011),
http://library.link/vocab/creatorName
Aballi, A.J
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • gift tax
  • intangibles
  • non-resident alien
  • case law
  • expatriate
Label
Gifts of certain intangible property by foreign persons - principles, pitfalls, and planning opportunities
Instantiates
Publication
Label
Gifts of certain intangible property by foreign persons - principles, pitfalls, and planning opportunities
Publication

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      52.3736660 4.9336932
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