Update: I found a TurboTax article at https://turbotax.intuit.com/tax-tips/estates/the-gift-tax/L1sFpFeXV
In this article, there is a section called "What is a gift?" and here's what it states:
"For tax purposes, a gift is a transfer of property for less than its full value. In other words, if you aren't paid back, at least not fully, it's a gift."
With this article in mind, do you think the IRS still thinks I need to complete form 709 if my daughters transfer which was a reimbursement for previous years contributions to her company? Note: Transfer $s = Previous Years Contributions
