Browse Arkansas Code titles and sections
28-68-217. Gifts.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-68-217. Gifts.
(a) In this section, a gift “for the benefit of” a person includes a gift to a trust, an account under the Uniform Transfers to Minors Act, and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code Section 529, 26 U.S.C. Section 529, as it existed on January 1, 2011.
(b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to gifts authorizes the agent only to:
(1) make outright to, or for the benefit of, a person, a gift of any of the principal's property, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion under Internal Revenue Code Section 2503(b), 26 U.S.C. Section 2503(b), as it existed on January 1, 2011, without regard to whether the federal gift tax exclusion applies to the gift, or if the principal's spouse agrees to consent to a split gift pursuant to Internal Revenue Code Section 2513, 26 U.S.C. Section 2513, as it existed on January 1, 2011, in an amount per donee not to exceed twice the annual federal gift tax exclusion limit; and
(2) consent, pursuant to Internal Revenue Code Section 2513, 26 U.S.C. Section 2513, as it existed on January 1, 2011, to the splitting of a gift made by the principal's spouse in an amount per donee not to exceed the aggregate annual gift tax exclusions for both spouses.
(c) An agent may make a gift of the principal's property only as the agent determines is consistent with the principal's objectives if actually known by the agent and, if unknown, as the agent determines is consistent with the principal's best interest based on all relevant factors, incl
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-68-217
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Stable record: arkansas_code:legal_authorities:28-68-217
Source file: gov.ar.code.title.28.odt
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Passage SHA-256: c070fdc65fc5990d2b0a41a3657c0b97d6f3d537aa6e2b0860f2565d06967b26
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28-68-217. Gifts.
(a) In this section, a gift “for the benefit of” a person includes a gift to a trust, an account under the Uniform Transfers to Minors Act, and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code Section 529, 26 U.S.C. Section 529, as it existed on January 1, 2011.
(b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to gifts authorizes the agent only to:
(1) make outright to, or for the benefit of, a person, a gift of any of the principal's property, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion under Internal Revenue Code Section 2503(b), 26 U.S.C. Section 2503(b), as it existed on January 1, 2011, without regard to whether the federal gift tax exclusion applies to the gift, or if the principal's spouse agrees to consent to a split gift pursuant to Internal Revenue Code Section 2513, 26 U.S.C. Section 2513, as it existed on January 1, 2011, in an amount per donee not to exceed twice the annual federal gift tax exclusion limit; and
(2) consent, pursuant to Internal Revenue Code Section 2513, 26 U.S.C. Section 2513, as it existed on January 1, 2011, to the splitting of a gift made by the principal's spouse in an amount per donee not to exceed the aggregate annual gift tax exclusions for both spouses.
(c) An agent may make a gift of the principal's property only as the agent determines is consistent with the principal's objectives if actually known by the agent and, if unknown, as the agent determines is consistent with the principal's best interest based on all relevant factors, including:
(1) the value and nature of the principal's property;
(2) the principal's foreseeable obligations and need for maintenance;
(3) minimization of taxes, including income, estate, inheritance, generation-skipping transfer, and gift taxes;
(4) eligibility for a benefit, a program, or assistance under a statute or regulation; and
(5) the principal's personal history of making or joining in making gifts.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General definition** The term “taxable gifts” means the total amount of gifts made during the calendar year, less the deductions provided in subchapter C (section 2522 and following).
**(b) Exclusions from gifts**
(1) **In general** — In the case of gifts (other than gifts of future interests in property) made to any person by the donor during the calendar year, the first $10,000 of such gifts to such person shall not, for purposes of subsection (a), be included in the total amount of gifts made during such year. Where there has been a transfer to any person of a present interest in property, the possibility that such interest may be diminished by the exercise of a power shall be disregarded in applying this subsection, if no part of such interest will at any time pass to any other person.
(2) **Inflation adjustment** — In the case of gifts made in a calendar year after 1998, the $10,000 amount contained in paragraph (1) shall be increased by an amount equal to—
(A) $10,000, multiplied by
(B) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting “calendar year 1997” for “calendar year 2016” in subparagraph (A)(ii) thereof.
If any amount as adjusted under the preceding sentence is not a multiple of $1,000, such amount shall be rounded to the next lowest multiple of $1,000.
**(c) Transfer for the benefit of minor** No part of a gift to an individual who has not attained the age of 21 years on the date of such transfer shall be considered a gift of a future interest in property for purposes of subsection (b) if the property and the income therefrom—
(1) may be expended by, or for the benefit of, the donee before his attaining the age of 21 years, and
(2) will to the extent not so expended—
(A) pass to t
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2503
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Federal law — U.S. Code and appendices · legal_authorities
Page 2635
TITLE 26—INTERNAL REVENUE CODE
§ 2503
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Pub. L. 111–312, title III, § 302(b)(2), Dec. 17, 2010, 124
Stat. 3301, provided that the amendment by section
302(b)(2) is effective on and after Jan. 1, 2011.
EFFECTIVE DATE OF 2001 AMENDMENT
Pub. L. 107–16, title V, § 511(f)(3), June 7, 2001, 115 Stat.
71, provided that: ‘‘The amendments made by sub-
sections (d) and (e) [amending this section and section
2511 of this title] shall apply to gifts made after Decem-
ber 31, 2009.’’
EFFECTIVE DATE OF 1987 AMENDMENT
Amendment by Pub. L. 100–203 applicable in the case
of decedents dying, and gifts made, after Dec. 31, 1987,
see section 10401(c) of Pub. L. 100–203, set out as a note
under section 2001 of this title.
EFFECTIVE DATE OF 1981 AMENDMENT
Amendment by Pub. L. 97–34 applicable with respect
to gifts made after Dec. 31, 1981, see section 442(e) of
Pub. L. 97–34, set out as a note under section 2501 of
this title.
EFFECTIVE DATE OF 1976 AMENDMENT
Pub. L. 94–455, title XX, § 2001(d)(2), Oct. 4, 1976, 90
Stat. 1854, provided that: ‘‘The amendments made by
subsections (b) and (c)(2) [enacting section 2505 of this
title, amending this section and section 2504 of this
title, and repealing section 2521 of this title] shall apply
to gifts made after December 31, 1976.’’
EFFECTIVE DATE OF 1970 AMENDMENT
Amendment by Pub. L. 91–614 applicable with respect
to gifts made after Dec. 31, 1970, see section 102(e) of
Pub. L. 91–614, set out as a note under section 2501 of
this title.
§ 2503. Taxable gifts
(a) General definition
The term ‘‘taxable gifts’’ means the total
amount of gifts made during the calendar year,
less the deductions provided in subchapter C
(section 2522 and f
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2503
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 2503. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Considered as made one-half by each**
(1) **In general** — A gift made by one spouse to any person other than his spouse shall, for the purposes of this chapter, be considered as made one-half by him and one-half by his spouse, but only if at the time of the gift each spouse is a citizen or resident of the United States. This paragraph shall not apply with respect to a gift by a spouse of an interest in property if he creates in his spouse a general power of appointment, as defined in section 2514(c), over such interest. For purposes of this section, an individual shall be considered as the spouse of another individual only if he is married to such individual at the time of the gift and does not remarry during the remainder of the calendar year.
(2) **Consent of both spouses** — Paragraph (1) shall apply only if both spouses have signified (under the regulations provided for in subsection (b)) their consent to the application of paragraph (1) in the case of all such gifts made during the calendar year by either while married to the other.
**(b) Manner and time of signifying consent**
(1) **Manner** — A consent under this section shall be signified in such manner as is provided under regulations prescribed by the Secretary.
(2) **Time** — Such consent may be so signified at any time after the close of the calendar year in which the gift was made, subject to the following limitations—
(A) The consent may not be signified after the 15th day of April following the close of such year, unless before such 15th day no return has been filed for such year by either spouse, in which case the consent may not be signified after a return for such year is filed by either spouse.
(B) The consent may not be signified after a notice of deficiency with respect to the tax
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2513
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 2513. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 2640
TITLE 26—INTERNAL REVENUE CODE
§ 2512
Pub. L. 107–16, title V, § 511(e), June 7, 2001, 115
Stat. 71; Pub. L. 107–147, title IV, § 411(g)(1), Mar.
9, 2002, 116 Stat. 46; Pub. L. 111–312, title III,
§ 302(e), Dec. 17, 2010, 124 Stat. 3302.)
Editorial Notes
AMENDMENTS
2010—Subsec. (c). Pub. L. 111–312 struck out subsec.
(c). Text read as follows: ‘‘Notwithstanding any other
provision of this section and except as provided in regu-
lations, a transfer in trust shall be treated as a transfer
of property by gift, unless the trust is treated as wholly
owned by the donor or the donor’s spouse under subpart
E of part I of subchapter J of chapter 1.’’
2002—Subsec. (c). Pub. L. 107–147 substituted ‘‘transfer
of property by gift,’’ for ‘‘taxable gift under section
2503,’’.
2001—Subsec. (c). Pub. L. 107–16 added subsec. (c).
1966—Subsec. (b). Pub. L. 89–809 inserted reference to
nonresidents who are excepted from the application of
section 2501(a)(2) and expanded section to include debt
obligations of United States persons or the United
States, a State or any political subdivision thereof, or
the District of Columbia.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111–312 applicable to estates
of decedents dying, generation-skipping transfers, and
gifts made, after Dec. 31, 2009, see section 302(f) of Pub.
L. 111–312, set out as a note under section 2001 of this
title.
EFFECTIVE DATE OF 2002 AMENDMENT
Amendment by Pub. L. 107–147 effective as if included
in the provisions of the Economic Growth and Tax Re-
lief Reconciliation Act of 2001, Pub. L. 107–16, to which
such amendment relates, see section 411(x) of Pub. L.
107–147, set out as a note under section 25B of this title.
EFFECTIVE DATE OF 20
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2513
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 2513. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** A qualified tuition program shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such program shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations).
**(b) Qualified tuition program** For purposes of this section—
(1) **In general** — The term “qualified tuition program” means a program established and maintained by a State or agency or instrumentality thereof or by 1 or more eligible educational institutions—
(A) under which a person—
(i) may purchase tuition credits or certificates on behalf of a designated beneficiary which entitle the beneficiary to the waiver or payment of qualified higher education expenses of the beneficiary, or
(ii) in the case of a program established and maintained by a State or agency or instrumentality thereof, may make contributions to an account which is established for the purpose of meeting the qualified higher education expenses of the designated beneficiary of the account, and
(B) which meets the other requirements of this subsection.
Except to the extent provided in regulations, a program established and maintained by 1 or more eligible educational institutions shall not be treated as a qualified tuition program unless such program provides that amounts are held in a qualified trust and such program has received a ruling or determination that such program meets the applicable requirements for a qualified tuition program. For purposes of the preceding sentence, the term “qualified trust” means a trust which is created or organized in the United States for the exclusive benefit of designated beneficiaries and with respect to which the requirements of paragraphs (2) and (5)
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 529
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 529. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1732
TITLE 26—INTERNAL REVENUE CODE
§ 529
sociation were a corporation and as though the home-
owners association taxable income were the taxable in-
come referred to in section 11’’ and struck out provi-
sion that for purposes of this subsection, the surtax ex-
emption provided by section 11(d) not be allowed.
Subsec. (b)(2)(B). Pub. L. 95–600, § 403(c)(2), substituted
provision related to amount being determined accord-
ing to section 1201(a) for provision requiring an amount
of 30 percent.
Subsec. (c)(2). Pub. L. 95–600, § 701(n)(1), substituted
‘‘by individuals for residences’’ for ‘‘as residences’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1997 AMENDMENT
Pub. L. 105–34, title IX, § 966(e), Aug. 5, 1997, 111 Stat.
895, provided that: ‘‘The amendments made by this sec-
tion [amending this section] shall apply to taxable
years beginning after December 31, 1996.’’
EFFECTIVE DATE OF 1980 AMENDMENT
Pub. L. 96–605, title I, § 105(b), Dec. 28, 1980, 94 Stat.
3523, provided that: ‘‘The amendment made by sub-
section (a) [amending this section] shall apply to tax-
able years beginning after December 31, 1980.’’
EFFECTIVE DATE OF 1978 AMENDMENT
Amendment by section 301(b)(7) of Pub. L. 95–600 ap-
plicable to taxable years beginning after Dec. 31, 1978,
see section 301(c) of Pub. L. 95–600, set out as a note
under section 11 of this title.
Pub. L. 95–600, title IV, § 403(d)(3), Nov. 6, 1978, 92 Stat.
2869, provided that: ‘‘The amendments made by para-
graphs (2), (3), and (4) of subsection (c) [amending this
section and sections 857 and 904 of this title] shall take
effect on the date of the enactment of this Act [Nov. 6,
1978].’’
Pub. L. 95–600, title VII, § 701(n)(2), Nov. 6, 1978, 92
Stat. 2907, provided that: ‘‘The amendment made
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 529
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 529. This identifies an authority to review, not proof of applicability.