A tax, calculated as provided in section 2502, is hereby imposed for each calendar year on the transfer of property by gift during that calendar year by any resident or non-resident person. Fortunately, there are certain exceptions to gift tax, as described in Section 2503 (b) of the IRS tax code.
What is the code section for gift tax?
A tax, calculated as provided in section 2502, is hereby imposed for each calendar year on the transfer of property by gift during that calendar year by any resident or non-resident person. Fortunately, there are certain exceptions to gift tax, as described in Section 2503 (b) of the IRS tax code.
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