annual exclusion

The amount (currently as much as $10,000) allowed as nontaxable gift income during the calendar year.

• The purpose of the annual exclusion is both to serve as an estate-planning mechanism (so that gifts made during the donor’s lifetime remain nontestamentary and nontaxable) and to eliminate the administrative inconvenience of taxing relatively small gifts. For an individual, the first $10,000 in gifts can be excluded; for married persons, the exclusion is $20,000 per donee for joint gifts, regardless of which spouse supplied the donated property. IRC (26 USCA) § 2503.

— Also termed annual gift-tax exclusion. [Cases: Internal Revenue 4206.10. C.J.S. Internal Revenue §§ 566–568.]

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词条贡献者

译者Lynn，毕业于法国顶尖的高级翻译学院，擅长翻译各种与涉及美国证券法的诉讼和调查（包括告密者调查）相关的法律文件。