- A donation of $1 million has been presented to the sufferers by a wealthy lady.
- A gift is a present transfer of property by one person to another without any consideration or compensation.
- A gift to “my child” that does not set out the children’s name is a class gift.
- Capacity of donor is one of the essential requisites of “gift”.
- In the case of a gift the thing itself passes to the donee.
- Only a complete gift is taxable under the gift tax.
- payment of gift tax is the obligation of the donor, not the recipient.
- The gift is subject to the federal unified transfer tax.
- The gift must be made with a view to the donor’s present illness or peril.
- The gift was made subject to certain conditions imposed on the recipient.