@Anonymous_ wrote:
@macuser_22 wrote:
Why is there zero tax due? -- only because the $11 million exemption makes it so. How does one get the gift applied to the exemption? - only one way - by filing a 709 form.
The exemption is provided for in Section 2505 of the Code and its applicability has nothing to do with the filing of Form 709. If it were otherwise, that would be spelled out in the Code or Regs and it is not.
Then what is the point (or purpose) of the 709 at all if it can be simply ignored with no tax or penalty. Are you suggesting that it can be ignored since it makes no difference?
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
