Gift Tax Consequences to Contributor Sample Clauses

Gift Tax Consequences to Contributor. When the Contributor makes a contribution to the Fund and retains a lifetime income interest, the Contributor makes a gift of the remainder interest in the donated property to CCS. The Contributor may take the gift tax charitable deduction in an amount equal to the actuarial present value of the remainder interest. Although the gift of the remainder interest to CCS does not create a gift tax liability, the contributor must still report the transaction, at the calculated discounted value, on the Contributor's gift tax return. If the Contributor designates an individual who is not the Contributor or the Contributor's spouse as the income beneficiary, either as a concurrent or consecutive beneficiary, such designation may create a gift subject to the gift tax based upon the actuarial value of the beneficiary's interest. Should the Contributor designate his or her U.S. citizen spouse as the income beneficiary, no gift tax consequences should result to the Contributor for the actuarial value of the spouse's income interest because the Contributor should be able to utilize the gift tax marital deduction under Code section 2523(g)(1). However, if the Contributor designates a non- U.S. citizen spouse as the income beneficiary, then the gift tax marital deduction does not apply; nevertheless, an annual gift tax exclusion amount of $155,000 (for 2019) is allotted for gifts to non-U.S. citizen spouses under Code section 2523(i). This annual gift tax exclusion for gifts to non-U.S. citizen spouses is adjusted for inflation each year. It is important to note that (a) the marital deduction is not available for a future income interest, and (b) based on the facts and circumstances, an election to treat the gift of the income interest as qualified terminable interest property ("QTIP") may be required. The Contributor may avoid creating a gift tax liability if the gift of the income interest designated in another individual (other than the Contributor's spouse) is a present income interest equal to or less than the annual per donee gift tax exclusion amount. Currently, the annual per donee gift tax exclusion amount is $15,000 (for 2019); however, this amount is adjusted for inflation each year. Additionally, the Contributor may avoid creating a gift tax liability by utilizing the unified gift and estate tax exemption of $11,400,000 (for 2019). This amount changes in accordance with congressional mandate. The Contributor may reserve the right, exercisable only by will, to t...
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Related to Gift Tax Consequences to Contributor

  • Tax Consequences It is intended that the Merger shall constitute a “reorganization” within the meaning of Section 368(a) of the Code, and that this Agreement shall constitute a “plan of reorganization” for purposes of Sections 354 and 361 of the Code.

  • INCOME TAX CONSEQUENCES OF ESTABLISHING AN XXX X. Traditional IRA Deductibility – If you are eligible to contribute to your Traditional IRA, the amount of the contribution for which you may take a tax deduction will depend upon whether you (or, in some cases, your spouse) are an active participant in an employer-sponsored retirement plan. If you (and your spouse if married) are not an active participant, your entire Traditional IRA contribution will be deductible. If you are an active participant (or are married to an active participant), the deductibility of your contribution will depend on your MAGI and your tax filing status for the tax year for which the contribution was made. MAGI is determined on your income tax return using your adjusted gross income but disregarding any deductible Traditional IRA contribution and certain other deductions and exclusions. Definition of Active Participant – Generally, you will be an active participant if you are covered by one or more of the following employer-maintained retirement plans.

  • LIABILITY FOR FAILURE TO COMPLETE TRANSACTIONS If We do not properly complete a transaction to or from Your Account according to this Agreement, We will be liable for Your losses or damages. However, We will not be liable if: (a) Your Account does not contain enough available funds to make the transaction through no fault of Ours; (b) the ATM where You are making the transfer does not have enough cash; (c) the terminal was not working properly and You knew about the breakdown when You started the transaction; (d) circumstances beyond Our control prevent the transaction despite reasonable precautions that We have taken; (e) Your Card is retrieved or retained by an ATM;

  • Our Liability for Failure to Complete Transactions If we do not properly complete a transaction from your Card on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  • FAILURE TO CONTRIBUTE Pursuant to Section 00-00-000 of the Act, any contribution must be satisfied by the Member within sixty (60) days from the date of the call for capital. If a Member fails to make its required contributions to the Company, then the other Members may seek enforcement of the obligation to contribute capital. Any remedy under the Act may be pursued, including allowing the individual to become a Member without a transferable interest, provided there is unanimous consent from all Members who have satisfied their contribution obligations.

  • Professional Development; Adverse Consequences of School Exclusion; Student Behavior The Board President or Superintendent, or their designees, will make reasonable efforts to provide ongoing professional development to Board members about the adverse consequences of school exclusion and justice-system involvement, effective classroom management strategies, culturally responsive discipline, appropriate and available supportive services for the promotion of student attendance and engagement, and developmentally appropriate disciplinary methods that promote positive and healthy school climates, i.e., Senate Bill 100 training topics. Board Self-Evaluation The Board will conduct periodic self-evaluations with the goal of continuous improvement. New Board Member Orientation The orientation process for newly elected or appointed Board members includes:

  • Tax Unless specified otherwise in the Proclamation of sale, if the sale of this property is subjected to Tax, such Tax will be payable and borne by the Purchaser.

  • CONTRACT CONSEQUENCES In the case of a state contractor, contributions made or solicited in violation of the above prohibitions may result in the contract being voided. In the case of a prospective state contractor, contributions made or solicited in violation of the above prohibitions shall result in the contract described in the state contract solicitation not being awarded to the prospective state contractor, unless the State Elections Enforcement Commission determines that mitigating circumstances exist concerning such violation. The State shall not award any other state contract to anyone found in violation of the above prohibitions for a period of one year after the election for which such contribution is made or solicited, unless the State Elections Enforcement Commission determines that mitigating circumstances exist concerning such violation. Additional information may be found on the website of the State Elections Enforcement Commission, xxx.xx.xxx/xxxx. Click on the link to “Lobbyist/Contractor Limitations.”

  • Am I Eligible to Contribute to a Traditional IRA? Employees with compensation income and self-employed individuals with earned income are eligible to contribute to a Traditional IRA. (For convenience, all future references to compensation are deemed to mean “earned income” in the case of a self-employed individual.) Employers may also contribute to Traditional IRAs established for the benefit of their employees. In addition, you may establish a Traditional IRA to receive rollover contributions and transfers from the trustee or Custodian of another Traditional IRA or the Custodian or trustee of certain other retirement plans.

  • INDEMNIFICATION FOR DAMAGES, TAXES AND CONTRIBUTIONS CONTRACTOR shall exonerate, indemnify, defend, and hold harmless COUNTY (which for the purpose of paragraphs 5 and 6 shall include, without limitation, its officers, agents, employees and volunteers) from and against:

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