Examples of Direct skip in a sentence
See § 26.2652–1(a)(2) for determining whether a transfer is subject to Federal estate or gift tax.§ 26.2612–1 Definitions.(a) Direct skip.
Direct skip In the case of a direct skip (other than a direct skip from a trust), the tax shall be paid by the transferor.
Direct skip gifts to grandchildren or more remote descendants make sense if the GST tax is not reenacted retroactively to January 1, 2010.
Direct skip transfers occurring at death are ordinarily reported on Schedule R or R-1 of Form 706.
Direct skip gifts in Trust if not subject to the GST tax will not benefit from the “move-down” rule of the IRS §2653(a) and, as a conse- quence, distributions made to the beneficiary or beneficiaries after the GST tax becomes effective again will presumably be taxable distribu- tions generating GST tax.
If you computed the marital under the main heading, Determining Direct skip.
Direct skip: A transfer, subject to federal gift or estate tax, of a property interest to a skip person (section 2612[c]).
Direct skip gifts for tuition and medical expenses that qualify under IRC § 2503(e) are also defined to have an inclusion ratio of zero.54 The present interest requirements of IRC § 2503(b) are discussed above at section II.E.55 IRC § 529(c)(2)(A).56 Prop.
You may not claim any annual exclusion for a transfer made to a trust unless the trust meets the requirements discussed under Direct skip on page 6.
Direct skip means a transfer to a person who is two or more generations below the generation assigned to the transferor (e.g., transfer to a trust solely for the benefit of, or outright transfers to, grandchildren).