transferee liability

transferee liability. Tax. The liability of a transferee to pay taxes owed by the transferor. • This liability is limited to the value of the asset transferred. The Internal Revenue Service can, for example, force a donee to pay the gift tax when the donor who made the transfer cannot pay it. IRC (26 USCA) §§ 6901–6905. [Cases: Internal Revenue 4817; Taxation 1011. C.J.S. Internal Revenue § 724; Taxation § 1701.]

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词条贡献者

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