gift tax

noun

Legal Definition of gift tax

: an excise tax imposed on a donor for gifts of property made during the donor's lifetime — see also annual exclusion, gift sense 3, split gift at gift, unified transfer tax — compare death tax, estate tax, generation-skipping transfer tax

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“Gift tax.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/gift%20tax. Accessed 27 Feb. 2020.

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