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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (208240)6/10/2007 7:48:36 AM
From: John Carragher  Read Replies (1) of 793896
 
i wonder if irs would be interested in these kickbacks as gifts and subject to federal tax.

"Anyone is allowed to make non-taxable gifts of $11,000 (or less) per year per person. For a transfer to qualify as a gift, the person who makes the transfer (donor) may not receive any value in return. Property does not have to be given to another outright in order to qualify as a gift; giving someone limited rights to property may be a gift. Any gift over the $11,000 annual exclusion amount is taxable"

starkey-law.com
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