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KRISTIN L. ZOOK, A Not-So-Crummey Way to Avoid Taxes: A Call for Congressional Action to Eliminate Abuse of the Present Interest Requirement, 58 Syracuse Law Review 583 (2008)KRISTIN L. ZOOK, A Not-So-Crummey Way to Avoid Taxes: A Call for Congressional Action to Eliminate Abuse of the Present Interest Requirement, 58 Syracuse Law Review 583 (2008)
In A Not-So-Crummey Way to Avoid Taxes: A Call for Congressional Action to Eliminate Abuse of the Present Interest Requirement, Kristin L. Zook makes an interesting contribution to the existing catalogue of suggested reforms to the annual gift tax exclusion's present interest requirement. At the same time, she provides a useful history of the development of the scope of the exclusion and of the definition
CARLYN S. MCCAFFREY
In “A Not-So-Crummey Way to Avoid Taxes: A Call for Congressional Action to Eliminate Abuse of the Present Interest Requirement,” Kristin L. Zook makes an interesting contribution to the existing catalogue of suggested reforms to the annual gift tax exclusion's present interest requirement. At the same time, she provides a useful history of the development of the scope of the exclusion and of the definition of present interest.
The annual gift tax exclusion permits a donor to make annual gifts of up to $13,000 to unlimited numbers of individuals.1 The only requirement is that the gifts consist of present interests in property. Congress permitted the annual exclusion in 1932 “to obviate the necessity of keeping an accoun...
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