No Annual Gift Tax Exclusion for Gift of LLC Membership Units

摘要

Generally speaking, IRC section 2503 (b) allows donors an annual gift tax exclusion on the first $11,000 (the statutory $10,000 adjusted for inflation for 2003) of gifts made to each person during the year. The code specifies that gifts of future interests in property do not qualify for the exclusion. More specifically, Treasury regulations section 25.2503-3 distinguishes a future interest from a present one. A future interest is one that limits use, possession or enjoyment to some future date. A present interest is an unrestricted right to the immediate use, possession or enjoyment of property or the income from it.