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lwpat
lwpat, Attorney
Category: Legal
Satisfied Customers: 25386
Experience:  Actively practicing trial attorney
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The donor gives a donee an income interest for a term of years

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The donor gives a donee an income interest for a term of years and, prior to the expiration of the first term of years, expands it to a longer term of years, does the: (a) original term of years qualify for the annual exclusion; or (b) the expanded term of years qualify for the annual exclusion
Submitted: 5 years ago.
Category: Legal
Expert:  lwpat replied 5 years ago.
Thank you for your question and for using JA. Please click accept so I will receive credit from JA for my time.

Are you asking about the annual gift exclusion where you do not have to file a gift tax return?
Customer: replied 5 years ago.
Are you asking about the annual gift exclusion where you do not have to file a gift tax return?
Yes..
Expert:  lwpat replied 5 years ago.
The answer to both of your questions is yes. The only requirement is that the party not receive more than the exclusion amount in one year. The source of the funds or the number of years does not matter.
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