White Paper

Crummey Powers - Annual Gift Tax Exclusion

 
Congress’ intent in enacting the gift tax statute was to prevent taxpayers from depleting their estates through gifts and as a consequence avoiding the estate tax. In application, however, the gift tax presents some problems. A blanket gift tax on all gifts would present administrative difficulties at both the IRS and taxpayer levels. As a practical matter, there would be no way the IRS could enforce a blanket gift tax (imagine trying to enforce a tax on the cash that a grandparent places inside a birthday card to a grandchild). Furthermore, placing a largely unenforceable provision into the Internal Revenue Code (which undergirds a tax system largely based on voluntary compliance) would promote contempt among taxpayers which would be damaging to the raising of revenue in the United States. To avoid these difficulties, Congress employed an annual exclusion to the gift tax.

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Todd L. Denison is a Partner with Phelps Dunbar LLP. He represents individuals and business entities in the areas of business transactions and operations, partnership and corporate taxation, real and personal property transactions and trust and estates. Mr. Denison is a frequent speaker and has several publications.

Faculty

Todd Denison

Todd Denison

Phelps Dunbar LLP

Agenda

Faculty

Todd Denison

Todd Denison

Phelps Dunbar LLP

  • Partner with Phelps Dunbar LLP
  • Represents individuals and business entities in the areas of business transactions and operations, partnership and corporate taxation, real and personal property transactions, trusts and estates (including sophisticated estate) planning, charitable organizations (formation and operations), employee stock ownership plans and other qualified retirement plans, captive insurance, international transactions and taxation, tax controversies with the IRS, and elder law
  • Clients include a regional engineering firm, national advertising agency, regional construction firm, regional stone and interior design firm, and numerous family-owned businesses operating locally, regionally, and internationally
  • Frequent speaker and has several publications
  • Member of numerous professional and civic organizations
  • Achieved the highest rating with Martindale-Hubbell Law Directory
  • The Best Lawyers in America© (Woodward/White, Inc.), Business Organizations (including LLCs and Partnerships) in Mobile, 2019; Tax Law in Mobile, 2018-2019; Trusts and Estates in Mobile, 2018-2019
  • LL.M. degree, New York University School of Law; J.D. degree, University of Montana School of Law; M.A. and B.A. degrees, University of Montana
  • Can be contacted at 251-441-8206 or [email protected]

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