Why are gifts of property not income to the person receiving the gift?

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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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Question Posted: Mar 29, 2013 02:27 AM

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Why are gifts of property not income to the person receiving the gift?

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Gift of money Aggregate value of cash gifts received without consideration during a financial year FY would be taxable as other income in the hands of the recipient However if the aggregate value of s...View the full answer

Concepts In Federal Taxation

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